Source: Walker & Dunlop / #Apartments #Multifamily
BETHESDA, MD - Walker & Dunlop announced that it recently closed a $289 million financing with Fannie Mae on 21 multifamily properties across the state of California. Eleven of the 21 properties have project-based Section 8 Housing Assistance Payments Contracts and provide much-needed affordable housing to families and seniors in some of the nation's highest-cost metropolitan areas.
The other ten properties all qualified for Fannie Mae's Green Rewards Program, where new investments in water and electrical systems will reduce the properties' environmental impact.
"This large transaction highlights Walker & Dunlop's expertise in both affordable and green financing," commented Steven Natale, vice president, who led the Walker & Dunlop team. "All the properties in this large portfolio met either Fannie Mae's affordable housing or Green Rewards criteria, generating significantly more favorable financing terms for the borrower. Fannie Mae is very focused on growing the supply of both affordable and environmentally sustainable multifamily properties across the country, and Walker & Dunlop is pleased to be one of their largest partners in financing these types of assets."
The 21-property portfolio is comprised of 2,189 units located across the state of California in major metropolitan areas including San Francisco, San Jose, San Diego, and Los Angeles. The transaction was sourced by Peggy Griffith, a Walker & Dunlop preferred correspondent.