BETHESDA, Md.— Walker & Dunlop, Inc. has arranged a $105 million loan to refinance Maeve, a newly completed luxury apartment community in downtown Raleigh, the company announced Monday.
The financing, structured as a floating-rate, interest-only bridge loan, was secured through TPG Real Estate Finance on behalf of developer Capital Square, a longtime client of Walker & Dunlop. The deal was led by Alexandra Huffman, Justin Nelson, and PJ Feichtmeier of the firm’s Capital Markets Real Estate Finance group.
The refinancing centers on Maeve, a 297-unit high-rise located in Raleigh’s Warehouse District within a federally designated Opportunity Zone. The program, created under the Tax Cuts and Jobs Act of 2017, is designed to spur long-term investment in low-income communities through tax incentives such as deferred or reduced capital gains.
Huffman said the transaction presented a complex capital structure, noting the property includes preferred equity alongside traditional financing.
“Executing a refinance while maintaining preferred equity in the capital stack required a thoughtful capital solution, particularly in a market navigating elevated new supply,” she said. “We’re pleased to partner with Capital Square and TPG Real Estate Finance to position this asset for continued stabilization and long-term success.”
Completed in 2025, Maeve features nearly 300 residential units and more than 10,000 square feet of ground-floor retail. The building offers studio to three-bedroom apartments and amenities such as a rooftop lounge, resort-style pool, coworking spaces, and a golf simulator.
The property has already received several industry accolades, including recognition from Engineering News-Record Southeast, the Downtown Raleigh Alliance, and Architectural Record.
Capital Square executives pointed to Raleigh’s continued growth as a key driver behind the investment.
“Raleigh continues to benefit from sustained population growth and economic expansion, driving consistent renter demand,” said Natalie Mason, executive vice president and co-head of development at Capital Square. She added that the Opportunity Zone designation provided additional tax advantages that strengthened the project’s long-term outlook.
Maeve is strategically located near the Boylan Heights neighborhood, Dorothea Dix Park, and downtown Raleigh, offering residents access to major employers, cultural venues, and dining destinations. Its proximity to U.S. Route 70 also connects tenants to the broader Research Triangle region, including Duke University, University of North Carolina at Chapel Hill, and North Carolina State University.
Walker & Dunlop said its capital markets team sourced more than $22 billion in non-agency financing in 2025, including nearly $16 billion for multifamily properties, reinforcing its role as a leading advisor across commercial real estate sectors.
