Lima Towers | Case Study | Walker & Dunlop

The situation

Lima Towers is a 199-unit senior housing community in Lima, Ohio, serving residents 62+ under a Section 8 HAP structure. Built in the 1970s, the property required renovation to preserve long-term affordability and improve accessibility in a market with limited supply.

Walker & Dunlop helped the client secure debt and LIHTC equity financing and position the asset for a planned resyndication to fund renovations. While the property benefited from strong occupancy and stable government-backed income, executing the business plan required aligning multiple capital sources within a tight timeline.

THE SOLUTION

Walker & Dunlop leveraged its integrated platform to align debt and equity execution, delivering a coordinated and efficient financing strategy.

The team structured a capital stack that included $17.9 million in Freddie Mac tax-exempt permanent debt and $13.6 million in LIHTC equity.

By working seamlessly across debt and equity, the team was able to share underwriting, streamline due diligence, and quickly solve structural challenges, providing a more efficient path to closing than a traditional multi-provider approach.

The Result

Walker & Dunlop successfully recapitalized Lima Towers and positioned the asset for long-term performance.

Delivered a fully integrated financing solution across debt and equity
Secured long-term stability with a new 20-year Section 8 Project-Based HAP Contract
Preserved 199 units of affordable senior housing
Supported renovations that enhance accessibility, modernize units, and improve community amenities

The rehabilitation is designed to improve residents' quality of life while maintaining occupancy and minimizing disruption during construction.

Lima Towers demonstrates the power of Walker & Dunlop’s integrated platform. By aligning debt and equity, the team simplified a complex transaction, improved execution certainty, and delivered both financial performance and meaningful community impact for its client.