Walker & Dunlop helps preserve 1,220 reasonably priced housing models in New York, North Carolina and Virginia
BETHESDA, Md., December 30, 2020 / PRNewswire / – Walker & Dunlop, Inc. announced today that it is structured $ 47,293,000 in financing a collection of seven affordable residential properties in Rochester, New York, Rocky Mount, North Carolina, and Danville, Virginia. Each of the properties is affordable and subject to Section 8 HAP contracts, Low Income Housing Tax Credit (LIHTC), or Section 236 restrictions.
- Charlotte Harbortown Homes, 553 units – Rochester, New York
- Cokey Apartments, 75 units – Rocky Mount, North Carolina
- Purdum Woods Apartments, 180 units – Danville, Virginia
- Richardson Court Apartments, 50 units – Rocky Mount, North Carolina
- Rolling meadows, 130 units – Rocky Mount, North Carolina
- Southside Acres, 116 units – Rocky Mount, North Carolina
- Southwyck Hills Apartments, 116 Units – Danville, Virginia
Led by Matthew Baptiste, Senior Director and Jeff LawrenceWalker & Dunlop, Managing Director, arranged the Freddie Mac financing on behalf of Stonebridge Global Partners, LLC, a long-standing customer. Because of their deep understanding of affordable housing programs, Walker & Dunlop identified Freddie Mac as the ideal lender for the client. The team skilfully navigated through the various affordability constraints and contracts to ensure optimal funding conditions and meet acquisition deadlines. The term of the open-ended loan ranges from seven to ten years and only includes interest payment terms of five to ten years and an attractive fixed interest rate.
“We have been incredibly selective in capital over the past 18 months while waiting for large portfolio opportunities that will allow us to build a significant presence in the sought-after markets,” he commented Eli Mizrahie, CEO and Managing Partner of Stonebridge Global Partners, LLC. “While we’re present in new YorkThe Charlotte Harbortown Homes acquisition was highly sought-after and extremely competitive among our industry peers. It provided access to 454 affordable senior units in two high-rise locations as well as 99 townhouses in the third largest city in new York, Rochester. Our trusted partnerships with Walker & Dunlop and Freddie Mac were paramount to winning this transaction and gave us the confidence and competitive advantage we needed to complete seamlessly with unbeatable agency financing terms. “
Mr. Baptiste added, “We are delighted to be working with Stonebridge again on this affordable housing acquisition portfolio. These transactions help provide much-needed rental options for lower income residents across the East Coast.” He continued, “This transaction has not only been beneficial for those communities where this type of housing is in constant demand, but also serves as a stable investment for our customer.”
Walker & Dunlop is one of the largest multi-family lenders and is among the five cheapest lenders in the world The United States. For more information on Walker & Dunlop’s commitment to corporate responsibility, including our diversity and inclusion, affordable housing and green finance initiatives, please see our 2020 ESG Roundup.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) headquartered in Bethesda, Marylandis one of the largest commercial real estate finance companies in The United States. The company offers a full range of capital solutions for all asset classes of commercial real estate, as well as brokerage services for investment sales to apartment building owners. Walker & Dunlop is included in the S&P SmallCap 600 Index and was named one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017 and 2018. Walker & Dunlop’s 950+ professionals in 41 offices across the country are relentlessly committed to customer satisfaction.
SOURCE Walker & Dunlop, Inc.