April 1, 2019
Walker & Dunlop has structured $136 million in green financing for Rachel Bridge, the four-building, 960-unit rental complex atop the Trans-Manhattan Expressway leading to the George Washington Bridge in Washington Heights.
Working on behalf of owner Clipper Equity, a team of Hirsch Simins, David Rosenberg, Brendan Coleman and Chris Forte utilized Freddie Mac’s Green Up Plus Program. They also obtained favorable loan terms for Clipper within a tight timeframe.
The Freddie Mac green financing program provides a partial reimbursement to the borrower of costs associated with water and energy upgrades performed within apartment units. Additional terms on the Rachel Bridge loan included 10 years of interest-only payments at a 1.25x debt service coverage ratio.
“The combination of a large New York City affordable housing complex, and best-in-class sponsorship, enabled us to provide an incredible loan to the borrower, and we were able to close quickly,” said Simins.
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