BETHESDA, Md., Dec. 8, 2021 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it structured
$100,000,000 in financing for
the Park Affordable Portfolio, a collection of eight
affordable multifamily properties in Brooklyn, New York on behalf of Iris Holdings
Group, a national developer of affordable housing. Comprising 317
affordable units in total, the portfolio provides much-needed
housing to one of the most high-cost areas in the country.
Walker & Dunlop's Abe
Katz and Jon
Kushner led a competitive marketing and financing
process on behalf of their client, who acquired a majority of the
portfolio in 2018 as part of an affordable housing preservation
initiative. Leveraging their broad network of capital providers,
the Walker & Dunlop team identified MF1 Capital as the ideal
lender. Following extensive renovations completed at the
properties, the new loan serves to refinance existing debt as well
as fund future improvements.
"Walker & Dunlop and MF1 Capital's experience in complex
affordable transactions with public-private partnerships allowed
for a streamlined financing process," commented Marc Blumenfrucht, a Managing Partner at Iris
Holdings Group. "The creation of affordable housing is critical for
the future of New York City and
the road to recovery from COVID-19."
Said Mr. Kushner, "We were honored to put our expertise to work
for Iris Holdings Group and to help their team preserve this
affordable housing portfolio. Maintaining the stock of
accessibly-priced homes in Brooklyn is critical."
Recent improvements to the communities include an extensive
restoration of building exteriors and the installation of courtyard
gardens for residents. The owner plans to fund additional
renovation plans and capital expenditures of approximately
$17 million.
Walker & Dunlop is one of the largest affordable
housing lenders in the United
States with $17 billion of
affordable financing volume over the past three years. The firm has
consistently been ranked one of the top non-bank affordable housing
lenders in the country and is committed to providing safe and
affordable housing to America's communities by financing
affordable, workforce housing, and healthcare communities, which
serve the country's most vulnerable populations.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of
capital to the multifamily industry in the United States and the fourth largest
lender on all commercial real estate including industrial, office,
retail, and hospitality. Walker & Dunlop enables real estate
owners and operators to bring their visions of communities — where
Americans live, work, shop and play — to life. The power of our
people, premier brand, and industry-leading technology make us more
insightful and valuable to our clients, providing an unmatched
experience every step of the way. With over 1,000
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.