Walker & Dunlop Structures $105 Million in Financing for Affordable Maryland Property
Walker & Dunlop, Inc. announced today that it structured $105,000,000 in financing for The Verona at Landover Hills. Located in Prince George’s County, Maryland, the property features 727 units.
Walker & Dunlop’s John E. Gilmore IV, Jessica Deeney, and Karl F. Rincavage represented the buyer, a joint venture between Dantes Community Partners and the Urban Investment Group within Goldman Sachs Asset Management, in the acquisition of The Verona at Landover Hills. This transaction represents the third acquisition of the NORE Fund I, LP, a newly formed fund managed by Dantes Partners and their co-development firm. Additionally, the transaction represents an investment towards Goldman Sachs’ One Million Black Women initiative, a $10 billion investment strategy to narrow opportunity gaps for Black women in the next decade.
The property operated as a market-rate community, but at closing entered into a Rental and Regulatory Agreement with Prince George’s County Department of Housing & Community Development. New affordability restrictions were placed on the property upon acquisition. John Gilmore and his team structured the acquisition financing through Fannie Mae’s Multifamily Affordable Housing (“MAH”) platform.
“As incomes fail to keep up with rent increases and the supply of affordable multifamily options remains limited, the nationwide demand for affordable housing continues to increase,” commented Dantes Community Partners’ operating principal, Sharif T. Mitchell. “We are confident that this community will continue to provide high-quality living for working families in this growing market.”
The Verona at Landover Hills is a multifamily property constructed in 1966 and located in Landover Hills, MD. The property consists of 25, four-story buildings with 91 separately addressed entryways on 29.96 acres and features luxury unit upgrades including new stainless-steel appliances and upgraded cabinetry/countertops.
The property is located within two miles of the DC Metro’s Orange Line at Landover Metro Station, MD-450, US Route 50, Interstate 95 & Interstate 495, and other major transit routes. Nearby amenities include Crestview Shopping Center, Walmart, a public park located adjacent to the property, and the University of Maryland College Park campus.
“The availability of affordable housing is an issue of national concern,” said Mr. Gilmore. “The Verona at Landover Hills is an excellent example of how the federal government, local municipalities, and private investors can work together to be part of the solution.”
Walker & Dunlop is working to achieve its five-year goal of $60B in cumulative affordable housing finance by the end of 2025. Well on their way to reaching this goal, the affordable team financed $10B of affordable financing in 2021 through HUD, Fannie Mae, Freddie Mac, and capital markets sources. To learn more about our capabilities and financing options, visit our website.