Walker & Dunlop, Inc. announced that it structured financing for a portfolio of five affordable Freddie Mac loans totaling $42,390,000 on behalf of Stonebridge Global Partners, an affordable housing owner and operator.
The portfolio includes 680 units in five multifamily properties in New York and Michigan. Two of the properties, Colonial Manor Apartments and Hay Creek Apartments, qualify as affordable housing due to Section 8 HAP contracts on 100 percent of the units.
In addition, Hay Creek Apartments is entirely dedicated senior housing. The remaining three properties contain a combination of affordable and workforce housing units.
Leading Walker & Dunlop’s Atlanta-based origination team, Jeff Lawrence, senior vice president, and Matt Baptiste, vice president, arranged each 10-year loan with interest-only periods ranging from two to five years, followed by 30-year amortization schedules.
Additionally, due to the uncertainty in the market and increases in U.S. Treasury rates, Stonebridge utilized Freddie Mac’s Index Lock program to preserve proceeds.
“We continue to remain focused on new opportunities within the senior living and multifamily sectors, and are looking to expand the Stonebridge portfolio with a particular focus on secondary markets that exhibit strong rental growth and improving income demographics,” commented Eli Mizrahie, managing partner of Stonebridge.
This portfolio strengthens Walker & Dunlop and Stonebridge’s partnership, which now includes $80 million of transaction volume and 12 affordable multifamily properties with over 1,500 total units.
“It is exciting to witness the continual growth of Stonebridge and we commend them on their innovative approach to finding new opportunities. We are pleased to be a part of this achievement and look forward to their future success,” remarked Baptiste.