March 20, 2017
Walker & Dunlop Inc. financed a portfolio of seven affordable housing properties in Northern NJ, with a $144 million loan from Fannie Mae. Financing was structured on behalf of a joint venture between Hudson Valley Property Group LLC, Red Stones Cos. LLC, and Wheelock Street Capital. The buyers acquired the portfolio with the intent to upgrade the stock of affordable housing in the region.
The 1,009-unit portfolio is made up of six age-restricted properties, one mixed seniors property and one multifamily property. Each property has a 20-year Housing Assistance Payments (HAP) contract that will outlast the loan term. The residents at all seven properties are receiving Section 8 HAP from the U.S. Department of Housing and Urban Development.
Walker & Dunlop’s Andrew Gnazzo let the origination team that structured the financing.
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