Dealmaker: Walker & Dunlop Arranges $30M in LIHTC Equity for Canyon Creek East

(Canyon Creek East illustration courtesy of Walker & Dunlop)

Walker & Dunlop, Bethesda, Md., arranged $29.6 million in federal Low-Income Housing Tax Credit equity for the financing of Canyon Creek East, an affordable housing property in Lenexa, Kan.

Canyon Creek East will total 212 multifamily units across five buildings. Upon completion, the development will offer a mix of one-, two-, and three-bedroom units to accommodate diverse household sizes.

The Walker & Dunlop Affordable Equity team, led by Senior Managing Director of Originations Jennifer Erixon, arranged the LIHTC equity, which will finance approximately 40% of total development costs, on behalf of MRE Capital. The project marked Walker & Dunlop’s sixth transaction with MRE.

Canyon Creek East is part of the broader Cedar Canyon West development plan, which includes a mix of residential, commercial and recreational facilities. MRE’s development will provide affordable housing options to the community with units targeting households earning between 30% and 80% of area median income. Its close to employers location–including the soon-to-be-completed Panasonic manufacturing facility–will give residents access to employment centers and education.

“With LIHTC projects in the market boasting full occupancy and waitlists, Canyon Creek East is poised to address the growing demand for affordable housing options while contributing to the overall prosperity and well-being of the residents of Lenexa and surrounding areas,” said MRE Capital’s Daniel Sailler.