Aspen Square Secures $232M Financing for Workforce Housing Portfolio
The collection spans more than 1,500 units.
Aspen Square Management has secured $232.4 million in financing for a five-property, 1,585-unit portfolio of workforce and affordable housing properties in Arkansas and Florida.
The names and locations of the properties were not disclosed. The portfolio consists primarily of workforce housing, and also includes one income-restricted affordable community.
A Walker & Dunlop Capital Markets Real Estate Financing team arranged the single 10-year, fixed-rate, interest-only loan through a new Tier 3 Fannie Mae credit facility. It was Aspen Square’s 16th Fannie Mae credit facility and its eighth completed with Walker & Dunlop.
Connor Locke, managing director of capital markets real estate finance at Walker & Dunlop, arranged the loan on behalf of the company’s longtime client. Joining him on the team were Managing Director Harvey Pava, Senior Managing Director Brendan Coleman and Director Skye Stansbury.
Locke, Coleman and Stansbury recently arranged a total of $119.7 million in transactions on behalf of WC Smith for two Washington, D.C., multifamily properties —the 263-unit Crest at Skyland Town Center and The Albemarle, a 235-unit asset. The team arranged both loans with capital from Fannie Mae and Freddie Mac.
Aspen Square’s activities
Headquartered in Agawam, Mass., Aspen Square Management is a privately held real estate investment and property management firm. The company currently manages at least 14,000 residential units, including student housing, workforce and affordable apartments, across 63 properties in nine states. Aspen Square operates 29 Florida properties and three Arkansas assets.
In February, Aspen Square sold The Row Apartments, a 328-unit student housing community in Columbia, Mo., to Monument Square Investment Group. The property serves the University of Missouri.
