BETHESDA, Md., March 17, 2017 /PRNewswire/ -- Walker &
Dunlop, Inc. (NYSE: WD) announced today that it financed a
portfolio of seven affordable housing properties with a
$144,036,199 loan from Fannie
Mae. All seven properties' tenant bases are predominantly
residents receiving Section 8 housing assistance payments (HAP)
from the U.S. Department of Housing and Urban
Development.
Walker & Dunlop Managing Director Andrew Gnazzo led the
origination team, which structured the financing on behalf of a
joint venture between Hudson Valley Property Group, LLC ("HVPG"),
Red Stone Companies, LLC ("Red
Stone"), and Wheelock Street Capital ("Wheelock"). The
buyers acquired the portfolio with the intention of investing in
the properties and upgrading the stock of affordable housing in
Northern New Jersey. Mr. Gnazzo stated, "We were honored to
work on this financing with Red
Stone, Wheelock, and the HVPG team, which is dedicated to
the acquisition and effective management of affordable housing
across the country. Walker & Dunlop's scale and deep
partnership with Fannie Mae was critical to the success of this
transaction. Underwriting project-based Section 8 rents in
the current environment is not easy, and our team's extensive
knowledge of affordable programs and structuring large pooled
transactions allowed us to meet the joint venture's needs."
Brian A. Renzi, managing director
for Red Stone, commented, "Red Stone
Partners has always strived to develop creative solutions for our
partners and clients specifically focused on investment in
affordable housing communities. In this case, we are
especially excited to have leveraged our relationship with Walker
& Dunlop and Fannie Mae to structure and participate in a
flexible multiple-party debt and equity capital structure to
maximize the opportunity on this acquisition and preservation of
over 1,000 affordable housing units in the State of New Jersey."
"We are pleased to have partnered with Walker & Dunlop to
finance this large affordable portfolio," said Hilary Provinse, Senior Vice President for
Customer Engagement at Fannie Mae. "This transaction underscores
our commitment to affordable rental housing and exemplifies our
joint ability to creatively structure tailored financing solutions
through Fannie Mae's Credit Facilities. It takes a strong
partnership and a dedicated team to tackle these types of complex
transactions."
The 1,009-unit, seven-property portfolio consists of six
age-restricted properties, and one mixed seniors and multifamily
property. Each property has a 20-year HAP contract that will
outlast the loan term. In addition, the assets will be
managed by Community Realty Management, which has over 40 years of
experience in the local market, including a deep understanding of
Section 8 housing.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest
commercial real estate finance companies in the United States providing financing and
investment sales to owners of multifamily and commercial
properties. Walker & Dunlop, which is included in the S&P
SmallCap 600 Index, has over 500 professionals in over 25 offices
across the nation with an unyielding commitment to client
satisfaction.
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SOURCE Walker & Dunlop, Inc.