November 30, 2017
Walker & Dunlop structured a $93.9 million HUD loan for Polyclinic Apartments, a Section 8 affordable housing property in Hell's Kitchen on Manhattan's west side. Managing Director Chris Rumul led the team that arranged the financing via HUD's 223(f) program for Standard Communities, Los Angeles. He said the loan provided acquisition financing and will also allow the borrower to make immediate repairs and fund future renovations. In conjunction with the purchase, Standard Communities preserved the existing 151 affordable housing units by renewing the property's 20-year Section 8 Housing Assistance Payment contract and obtaining a 35-year Article XI tax abatement approval through the New York City Department of Housing Preservation and Development.