Walker & Dunlop, Inc. announced today that it structured $12,500,000 in financing for Windsor Court Apartments and $8,925,000 for Lindsay Commons, two apartment complexes located in Milwaukee, Wisconsin. Both properties are affordable, with all 354 units having Section 8 HAP contracts and Low-Income Housing Tax Credit (LIHTC) restrictions.
Led by Matthew Baptiste, Senior Director, and Jeff Lawrence, Managing Director, Walker & Dunlop arranged the Freddie Mac financing on behalf of the client, Stonebridge Global Partners, LLC. The client is a repeat Walker & Dunlop client but also has a long history with Freddie Mac. Since 2015, Stonebridge has completed over 28 transactions through Freddie Mac and has closed eight loans with the agency in 2020 alone.
Eli Mizrahie, CEO and Managing Partner of Stonebridge Global Partners, LLC, commented, “As experienced affordable housing professionals, we appreciate the resilience of the Section 8 platform, and recognize the importance of combining private capital in the preservation of affordable housing. As we continue to build our footprint in the Midwest, our acquisition strategy has been to cultivate a sizeable presence in top tier cities like Milwaukee, that serve as commercial and industrial hubs for the Great Lakes region. We take pride in developing our properties into desirable and attractive communities for our residents.”
“We are thrilled to have been able to facilitate these affordable housing transactions with our long-time client, Stonebridge Global Partners. The recent purchase of both properties highlights the fact that investors are looking into affordable housing as a stable CRE investment,” stated Matt Baptiste, of Walker & Dunlop’s team. “Working alongside the Stonebridge team was monumental, as we’ve been working with them since the beginning of their investment career and have been able to experience their continued success firsthand.”
Both multifamily properties are located two miles from downtown Milwaukee. Windsor Court is a 239-unit building consisting of 12 three-story apartment buildings featuring one- and two-bedroom unit options. Lindsay Commons is a 115-unit property consisting of 14 two-story buildings with one- and two-bedroom flats as well as three- and four-bedroom townhouse units. Improvements and a rehabilitation were completed in 2007. In addition to both properties’ proximity to downtown Milwaukee, tenants benefit from fitness and business centers, picnic areas, outdoor courtyards, and more.
Walker & Dunlop is one of the largest multifamily lenders and ranks within the top five affordable lenders in the United States. For more information about Walker & Dunlop's commitment to corporate responsibility, including our Diversity & Inclusion, affordable housing, and Green Financing initiatives, download our 2020 ESG summary.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction.