Walker & Dunlop, Inc. announced 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.
