Walker & Dunlop Arranges $36 Million Affordable Housing Renovation for Eight-Property Brooklyn Portfolio
- Successfully secured $35.6M loan for refinance of Brooklyn site
- $8M renovation dollars provided to preserve affordable housing
- Client plans to allocate $30,000+/unit for rehab and $250,000 for green improvements
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Walker & Dunlop's Affordable team, led by Frank Cassidy and John
"This project required a team with extensive affordable finance expertise and intensive collaboration from many stakeholders," said Frank Cassidy, managing director of FHA Finance at Walker & Dunlop. “We are thrilled to bring this project full circle and provide the financing for capital improvements needed to preserve affordable housing for many years to come. We appreciate the hard work of Fannie Mae, NYC HPD, and NYCHA for their help in executing this highly complex and structured transaction."
The client is planning to rehab the portfolio with a capex budget that equates to
The portfolio is conveniently located near I-278, I-495, Broadway, Jackie Robinson Parkway, and FDR Drive, major vessels that connect residents to a variety of employment centers, including Denizen Bushwick, Briz Forwarding, IFC Freight, Bushwick Job Center, and premier shopping and restaurants.
"The lack of affordable housing is an issue of national concern. We are dedicated to creating solutions and being at the forefront of this issue to provide critical financing needed to preserve long-term affordable housing," said John Gilmore, senior managing director of Affordable Production at Walker & Dunlop.
Walker & Dunlop is working to achieve its five-year goal of
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in
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Source: Walker & Dunlop, Inc.