Walker & Dunlop, Inc. announced today that it structured $47,293,000 in financing for a collection of seven affordable housing properties located in Rochester, New York, Rocky Mount, North Carolina, and Danville, Virginia. Each of the properties are affordable and are 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 Lawrence, Managing Director, Walker & Dunlop arranged the Freddie Mac financing on behalf of Stonebridge Global Partners, LLC, a longtime, repeat client. Drawing on their deep understanding of affordable housing programs Walker & Dunlop identified Freddie Mac as the ideal lender for the client. The team deftly navigated the various affordability restrictions and contracts to ensure optimal financing terms and to meet acquisition deadlines. The terms of the permanent loans range from seven to ten years, featuring interest only payment periods from five to ten years, as well as an attractive fixed rate.
“We have been incredibly selective in deploying capital over the last 18 months, while waiting for large portfolio opportunities that allow us to build a significant presence in highly desired markets,” commented Eli Mizrahie, CEO and Managing Partner of Stonebridge Global Partners, LLC. “While we have a presence in New York, the Charlotte Harbortown Homes acquisition was highly desired and extremely competitive amongst our peers in the industry, providing exposure to 454 senior affordable units across two high rise locations, as well as 99 townhomes in the third largest city in New York, Rochester. Our trusted partnerships with Walker & Dunlop and Freddie Mac were paramount in winning this transaction and gave us the confidence and competitive advantage we needed to perform and close seamlessly with unbeatable agency financing terms.”
Mr. Baptiste added, “We were excited to – once again – work with Stonebridge on this affordable housing acquisition portfolio. These transactions help preserve much-needed rental options for lower income residents throughout the east coast.” He continued, “Not only was this transaction beneficial to these communities, where this type of housing is in consistent high demand, but also it serves as a stable investment for our client.”
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.