Affordable Senior Housing Property in Historic Chicago Neighborhood Receives $14 Million in Financing via Walker & Dunlop
BETHESDA, Md., Dec. 5, 2018 — Walker & Dunlop, Inc. announced today that it structured $13,920,000 in financing for Willa Rawls Manor, an 11-story, 123-unit affordable housing community for seniors aged 62 and above. The property was originally developed in 1979 and is 100 percent covered by a long-term Section 8 Housing Assistance Payments (HAP) contract. Located in the historic Bronzeville district of Chicago, Illinois, the property represents a significant fixture of the neighborhood and provides much-needed viable housing for elderly residents in one of the nation’s highest-cost metropolitan areas.
Walker & Dunlop, led by Jeff Lawrence and Matt Baptiste, worked closely with repeat-client Stonebridge Global Partners to arrange the ten-year acquisition financing through Freddie Mac. The team also effectively coordinated with the seller to ensure the loan closing aligned with the borrower’s assumption of the property’s HAP contract, which expires three years beyond the loan maturity date.
“We are delighted to add such a quality senior living apartment community in a thriving primary market into the Stonebridge portfolio,” commented Eli Mizrahie, Managing Partner at Stonebridge Global Partners. “Our commitment to preserving affordable housing, coupled with our trusted partnerships with Walker & Dunlop and Freddie Mac, gave us the competitive advantage and seamless execution necessary to acquire a highly desirable asset like Willa Rawls Manor.”
Walker & Dunlop’s Lawrence and Baptiste arranged Stonebridge Global Partners’ first transaction in 2013, and they have since completed nearly 15 assignments for the affordable housing-focused client over the last five years.
“Our mission at Freddie Mac is to serve families across the nation who are struggling to find decent, safe, affordable housing,” stated David Leopold, Freddie Mac Vice President, Targeted Affordable Sales & Investments. “Thank you to Walker & Dunlop for presenting us with this opportunity, as Willa Rawls is a perfect example of how we meet that mission. We are proud and honored to provide the financing that preserves the affordability of the 123 units of seniors housing for such a historically significant and vitally important part of the Chicago community.”
Situated just five miles south of Downtown Chicago, Bronzeville contains six structures on the National Register of Historic Places, and it was home to prominent figures such as Sam Cooke, Ida B. Wells, and Louis Armstrong. In addition to its historic charm, the area also features public art in the form of vibrant murals and sculptures. The neighborhood affords residents of Willa Rawls Manor proximity to several amenities, including lakefront recreational activities at Burnham Park, museums and cultural centers, public transportation, and major thoroughfares.
Walker & Dunlop is the largest non-bank affordable lender and is one of the largest multifamily lenders in the country. In 2017 alone, Walker & Dunlop closed over $1.7 billion in transaction volume for affordable properties, a 170 percent increase over 2016. Learn more about Walker & Dunlop’s ability to lend on affordable senior living properties.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.
SOURCE: Walker & Dunlop, Inc.
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