Walker & Dunlop Closes $289M Financing for CA Portfolio
The properties comprise nearly 2,200 units in four major markets. Of the 21 properties, 11 have Section 8 HAP contracts to provide affordable housing, and 10 qualify for Fannie Mae's Green Rewards Program.
By IvyLee Rosario
Walker & Dunlop closed $289 million in financing with Fannie Mae on 21 multifamily properties across California. The portfolio comprises a total of 2,189 units in San Francisco, Los Angeles, San Diego and San Jose.
“This transaction was especially unique with the mix of both project-based section 8 properties and conventional properties that can be categorized as workforce housing, located in some of the highest-cost markets in the country,” Steven Natale, vice president of Walker & Dunlop, told Multi-Housing News. “The availability of safe, clean and affordable housing in markets such as San Francisco, Silicon Valley and Los Angeles is becoming more and more scarce. One of the principal missions of the Agencies is to preserve this type of housing and the borrower was rewarded with tremendous terms with their commitment to maintaining these assets for families and seniors of all income levels.”
Affordable and Green Financing
Of the 21 properties, 11 have project-based Section 8 Housing Assistance Payment Contracts to provide affordable housing to families and seniors in some of the highest-cost metro areas. The other 10 properties all qualified for Fannie Mae’s Green Rewards Program, as new investments in water and electrical systems will reduce the properties’ environmental impact.
“All the properties in this large portfolio met either Fannie Mae’s affordable housing or Green Rewards criteria, generating significantly more favorable financing terms for the borrower,” Natale said in prepared remarks. “Fannie Mae is very focused on growing the supply of both affordable and environmentally sustainable multifamily properties across the country, and Walker & Dunlop is pleased to be one of their largest partners in financing these types of assets.”
Natale led the Walker & Dunlop team and Preferred Correspondent Peggy Griffith sourced the transaction.
Image courtesy of Walker & Dunlop