Walker & Dunlop Structures $105 Million in Financing for Affordable Maryland Property
Walker & Dunlop structured $105 million in financing for The Verona at Landover Hills, a multifamily property in Prince George's County, Maryland, featuring 727 units. The acquisition is part of a joint venture with Goldman Sachs' Urban Investment Group, targeting affordable housing solutions aligned with their One Million Black Women initiative, a $10 billion investment strategy. The property now operates under new affordability restrictions, responding to the growing demand for affordable housing in a market where rental prices are outpacing income growth.
- Secured $105 million financing for The Verona at Landover Hills.
- Investment aligns with Goldman Sachs' $10 billion affordable housing initiative.
- Property now includes affordability restrictions to address housing demand.
- None.
BETHESDA, Md., July 26, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured
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
The property operated as a market-rate community, but entered into a Rental and Regulatory Agreement with Prince George's County Department of Housing & Community Development at closing. 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, 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."
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry in the United States, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. Our people, brand and technology make W&D one of the most insightful and customer-focused firms in our industry. With more than 1,400 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.
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SOURCE Walker & Dunlop, Inc.
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