Walker & Dunlop HUD Team Finances Over $135 Million for Six Rhode Island Properties in Six Months
09 Abril 2024 - 7:00AM
Business Wire
Walker & Dunlop, Inc. announced today that it arranged
$135,323,400 in HUD loans for six multifamily properties in Rhode
Island between October 2023 and February 2024. The team worked
alongside the U.S. Department of Housing and Urban Development
(HUD) to complete the financing. They utilized HUD's FHA Section
223(f) program, allowing the client to secure six fully amortizing
long-term loans as well as the option to cash out equity at a
1.111x debt service coverage ratio (DSCR) for necessary
repairs.
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Scituate Vista Building (Photo: Business
Wire)
The Walker & Dunlop HUD Financing team, led by Chris Rumul,
served as exclusive advisors to the client, Carpionato Group, and
successfully arranged all six loans. Led by Kelly MacArthur Coates,
Carpionato Group is a prominent New England real estate development
company with over 50 years of private ownership. The company
specializes in integrated real estate services and has a diverse
portfolio with a $1.5 billion development project pipeline totaling
over six million square feet of real estate assets. Carpionato
Group is a longtime HUD client of Walker & Dunlop, with six
HUD-insured loans currently in the company’s servicing
portfolio.
"We are thrilled to collaborate with our valued partners at
Carpionato Group once again," said Chris Rumul, senior managing
director of FHA Finance at Walker & Dunlop. "This partnership
is helping to fill a crucial housing accessibility gap. We are now
able to sustain affordability across these six assets, ensuring
long-term affordability for the next several decades and delivering
over 1,000 affordable units to residents in need.”
The properties, Riverbend, Sparrows Point I, II, and III,
Scituate Vista, and Meshanticut Vista, will benefit from immediate
and short-term repairs and additional funds to help further support
the client's affordable housing efforts.
"Collaborating with Walker & Dunlop is consistently
advantageous. Their expertise and connections proved to be the
biggest factors that facilitated the success of this transaction,"
said Kelly Mac Arthur Coates of Carpionato Group. "Completing six
property refinances in just six months is a remarkable achievement,
and we take great pride in contributing to the growth of these
burgeoning communities in Rhode Island."
“Partnering with Walker & Dunlop and Carpionato Group on
this endeavor exemplifies the impact of collaborative expertise in
shaping a brighter future for affordable housing in Rhode Island,”
said Francis Spinella, president of FJS Associates, Ltd, which was
the lead refinancing consultant on all six assets. “Our team is
looking forward to seeing the positive impact these communities
will have on the region for years to come.”
Walker & Dunlop was recently ranked the #5 HUD lender based
on both MAP (Multifamily Accelerated Processing) and LEAN volume
for 2023. In 2023 alone, the firm originated nearly $679 million of
HUD transactions. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240409630799/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
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