Brooklyn Affordable Housing Portfolio Receives $100 Million in Financing via Walker & Dunlop

Rhea-AI Summary

Walker & Dunlop announced $100 million in financing for the Park Affordable Portfolio, which consists of eight multifamily properties in Brooklyn, New York, providing 317 affordable units. This financing will refinance existing loans and fund $17 million in future improvements. The firm facilitated this through a partnership with MF1 Capital, emphasizing the importance of affordable housing in New York City's recovery from COVID-19. Over the past three years, Walker & Dunlop has been a significant player in affordable housing financing, amounting to $17 billion.

Positive

• Walker & Dunlop facilitated $100 million financing for the Park Affordable Portfolio.
• The financing supports 317 affordable housing units in Brooklyn, addressing critical housing needs.
• $17 million allocated for future property improvements enhances the portfolio's value.
• Walker & Dunlop has a strong track record with $17 billion in affordable housing financing over the past three years.

Negative

• None.

BETHESDA, Md., Dec. 8, 2021 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $100,000,000 in financing for the Park Affordable Portfolio, a collection of eight affordable multifamily properties in Brooklyn, New York on behalf of Iris Holdings Group, a national developer of affordable housing. Comprising 317 affordable units in total, the portfolio provides much-needed housing to one of the most high-cost areas in the country.

Walker & Dunlop's Abe Katz and Jon Kushner led a competitive marketing and financing process on behalf of their client, who acquired a majority of the portfolio in 2018 as part of an affordable housing preservation initiative. Leveraging their broad network of capital providers, the Walker & Dunlop team identified MF1 Capital as the ideal lender. Following extensive renovations completed at the properties, the new loan serves to refinance existing debt as well as fund future improvements.

"Walker & Dunlop and MF1 Capital's experience in complex affordable transactions with public-private partnerships allowed for a streamlined financing process," commented Marc Blumenfrucht, a Managing Partner at Iris Holdings Group. "The creation of affordable housing is critical for the future of New York City and the road to recovery from COVID-19."

Said Mr. Kushner, "We were honored to put our expertise to work for Iris Holdings Group and to help their team preserve this affordable housing portfolio. Maintaining the stock of accessibly-priced homes in Brooklyn is critical."

Recent improvements to the communities include an extensive restoration of building exteriors and the installation of courtyard gardens for residents. The owner plans to fund additional renovation plans and capital expenditures of approximately $17 million.

Walker & Dunlop is one of the largest affordable housing lenders in the United States with $17 billion of affordable financing volume over the past three years. The firm has consistently been ranked one of the top non-bank affordable housing lenders in the country and is committed to providing safe and affordable housing to America's communities by financing affordable, workforce housing, and healthcare communities, which serve the country's most vulnerable populations.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work^® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/brooklyn-affordable-housing-portfolio-receives-100-million-in-financing-via-walker--dunlop-301440706.html

SOURCE Walker & Dunlop, Inc.

FAQ

What recent financing did Walker & Dunlop structure?

Walker & Dunlop structured $100 million in financing for the Park Affordable Portfolio in Brooklyn, NY.

How many affordable units are in the Park Affordable Portfolio?

The Park Affordable Portfolio consists of 317 affordable housing units.

What is the purpose of the $100 million financing?

The financing is used to refinance existing debt and fund approximately $17 million in future property improvements.

What has been Walker & Dunlop's role in affordable housing financing?

Walker & Dunlop has financed $17 billion in affordable housing over the last three years, making it a leading lender in this sector.

What is the significance of this financing for Brooklyn?

This financing is critical for preserving affordable housing in Brooklyn, especially in the wake of COVID-19.