Walker & Dunlop Secures $47 Million FHA Loan for Market-to-Affordable Conversion of VA Multifamily Property
13 Junho 2023 - 7:30AM
Business Wire
Walker & Dunlop, Inc. announced today that it secured a
$46.6 million loan for Park Shirlington, an existing 294-unit
multifamily property in Arlington, Virginia.
Walker & Dunlop’s Federal Housing Administration (FHA) team,
led by Chris Rumul, arranged the loan through the U.S Housing and
Urban Development’s (HUD) 221(d)(4) Substantial Rehabilitation
Affordable Low Income Housing Tax Credit (LIHTC) program on behalf
of Standard Communities. Together with HUD, Virginia Housing, AEGON
USA Realty Advisors, LLC (AEGON), Arlington County’s Affordable
Housing Investment Fund (AHIF), and Walker & Dunlop, Standard
Communities was able to transform a market rate asset into new
affordable housing for the long term through at least 2053.
A market-to-affordable conversion, Park Shirlington was
previously financed via Walker & Dunlop’s interim loan program
as the conversion to long-term affordability process unfolded.
“The availability of affordable housing is an issue of national
concern,” said Chris Rumul, senior managing director of FHA Finance
at Walker & Dunlop. “Park Shirlington is an excellent example
of how the federal government, local municipalities, and private
investors can collaborate to be part of the solution.”
In conjunction with the FHA Financing, Park Shirlington was
converted from market rate to affordable with 60% AMI rent
restrictions through a LIHTC regulatory agreement that covers 100%
of the units. The HUD 221(d)(4) program provided substantial
rehabilitation funding of $34 million in renovation costs which
will directly benefit all aspects of the property, including unit
interiors, building systems, and envelope, and the expansion and
renovation of amenity spaces including the construction of a new
Community Center.
“Transitioning Park Shirlington from market rate to committed
affordable housing was an ambitious but critical objective given
the affordable housing landscape in Arlington and many other high
opportunity locations,” commented Scott Alter, co-founder, and
principal at Standard Communities. “Standard Communities is proud
to have successfully worked with so many other committed
stakeholders to ensure that Park Shirlington provides nearly 300
high-quality, affordable housing units for decades to come.”
Walker & Dunlop is working to achieve its five-year goal of
$60 billion in cumulative affordable and workforce housing finance
by the end of 2025. Well on their way to reaching this goal, the
affordable team originated $20.4 billion financing over the past
two years through HUD, Fannie Mae, Freddie Mac, and capital markets
sources. To learn more about our capabilities and financing
options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230613854025/en/
Investors: Kelsey Duffey Investor Relations Phone
301.202.3207 investorrelations@walkeranddunlop.com
Media: Nina H. von Waldegg VP, Public Relations Phone
301.564.3291 info@walkeranddunlop.com
Walker & Dunlop (NYSE:WD)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Walker & Dunlop (NYSE:WD)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024