Dealmaker: Walker & Dunlop Secures $107M in Bridge, Permanent Financing
Walker & Dunlop, Bethesda, Md., secured $107.3 million in bridge and permanent financing for multifamily assets in Ohio and Illinois.
The firm provided $93.4 million in short-term financing through its bridge lending program for a four-property portfolio in Columbus and nearby Westerville, Ohio. Walker & Dunlop Chief Production Officer Sandor Biderman and Managing Director Brian Eisner completed the financing.
Oro Capital Advisors, Los Angeles, received a three-year nonrecourse loan that provides capital expenditure funding to rehabilitate and reposition the property. Due to property ownership transfer requirements in Ohio, Biderman and Eisner accommodated a cross-collateralized funding structure.
As single-family home prices trend upward, secondary markets such as the Columbus area continue to see steady population and rent growth, Walker & Dunlop said. Last year the Columbus market saw the second-highest net operating income growth within the firm’s servicing portfolio and Ohio ranked second at the state level.
In Chicago, an affordable housing property received $13.9 million in financing via Walker & Dunlop. Willa Rawls Manor, an 11-story, 123-unit age-restricted community, is 100 percent covered by a long-term Section 8 Housing Assistance Payments contract.
Walker & Dunlop Managing Director Jeff Lawrence and Vice President Matt Baptiste arranged the 10-year Freddie Mac acquisition financing for Stonebridge Global Partners, Los Angeles. The team coordinated with the seller to ensure the loan closing aligned with Stonebridge’s assumption of the property’s Housing Assistance Payments contract, which expires three years beyond the loan maturity date.
Lawrence and Baptiste arranged Stonebridge Global Partners’ first transaction in 2013 and have completed nearly 15 assignments for the affordable housing-focused client over the last five years.
Located five miles south of downtown Chicago, the Bronzeville neighborhood contains six structures on the National Register of Historic Places and was home to prominent figures including Sam Cooke, Ida B. Wells and Louis Armstrong.
