Walker & Dunlop, Inc. and Pretium said Monday they have closed a $75.7-million bridge loan with Walker & Dunlop Affordable Bridge Capital, the firms’ affordable housing bridge lending joint venture, to refinance a 174-unit affordable multifamily housing community located in Manhattan.
The financing will support the property through an anticipated permanent refinance under the HUD 223(f) program. The bridge loan is structured as short-term interim financing ahead of the anticipated HUD execution and is secured by a first lien on the property.
“This closing reflects the strength of our partnership with Pretium, and our shared commitment to supporting the preservation of affordable housing,” said William Carroll, SVP of Walker & Dunlop Affordable Housing and Head of Specialty Credit. “The transaction demonstrates how the venture can provide certainty of execution and tailored financing solutions during transitional periods for affordable housing owners.”
The 13-story property in Manhattan’s Chelsea submarket, built in 1928, was rehabilitated in 1981 and has 110 one-bedroom units and 64 two-bedroom units, with an average unit size of approximately 704 square feet.
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