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Walker & Dunlop

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HospitalityLoansNew YorkNortheastTop StoriesWalker & Dunlop

Walker & Dunlop Arranges $155M Loan for Refinancing of Midtown Manhattan Hotel

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $155 million loan for the refinancing of The Lexington Hotel in Midtown Manhattan, which is part of the Marriott Autograph Collection family of brands. Hudson Bay Capital provided the loan. Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop originated the loan on behalf of the borrower, a joint venture between MCR Hotels, Island Capital Group and Three Wall Capital. The joint venture first acquired the property in 2021. The 28-story building was originally constructed in 1929 and houses 725 rooms, including six specialty suites. One of those suites is known as the Norma Jeane Suite and once served as the residence of Marilyn Monroe and her then-husband, New York Yankees legend Joe DiMaggio. (Marilyn Monroe was born Norma Jeane Mortenson.) The hotel’s amenities include 3,000 square feet of meeting and event space and an onsite restaurant and bar. The property also houses retail space that is leased to Crunch Fitness and Starbucks. “This transaction not only underscores the resilience of the New York City hospitality market but also reaffirms the enduring appeal of this city as a major tourist and …

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ColoradoHospitalityLoansWalker & DunlopWestern

Walker & Dunlop Arranges $55M Refinancing for Two-Tower DoubleTree Hotel in Denver

by Amy Works

DENVER — Walker & Dunlop has arranged a $55 million refinancing for DoubleTree by Hilton Hotel Denver, a two-tower hotel in Denver’s Central Park submarket. Located at 3203 Quebec St., the 561-key hotel offers an indoor pool, hot tub, fitness center, on-site restaurant, business center and meeting rooms. Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Diaz, Triston Stegall and Christopher de Raet of Walker & Dunlop arranged the loan for the borrowers, Taconic Capital Advisors LP, Pyramid Global Hospitality and Triangle Capital Group. Hudson Bay Capital provided the nonrecourse loan that carries an initial two-year term with a 12-month extension option.

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DevelopmentIndustrialNortheastPennsylvaniaWalker & Dunlop

Walker & Dunlop Provides $6.2M Equity Investment for Metro Philadelphia Industrial Project

by Taylor Williams

ASTON, PA. — Walker & Dunlop Investment Partners has provided $6.2 million in equity for a 100,000-square-foot industrial project that will be located at 48 Chichester Ave. in Aston, a western suburb of Philadelphia. According to LoopNet Inc., the project will feature a clear height of 36 feet, 10 exterior dock doors and 2,500 square feet of office space. The name of the developer was not disclosed.

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1034-1042 Atlantic Ave
DevelopmentLoansMultifamilyNew YorkNortheastTop StoriesWalker & Dunlop

Walker & Dunlop Arranges $109M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $109 million construction loan for a 247-unit multifamily project that will be located at 1034-1042 Atlantic Ave. in Brooklyn’s Prospect Heights neighborhood. The borrower is locally based developer EMP Capital Group. The development will consist of two adjoining buildings that will create a cross-block lot between Atlantic Avenue and Pacific Street. Units will come in studio, one-, two- and three-bedroom floor plans. Levels of income restrictions for the affordable housing component of the property have not yet been fully determined. More specifically, the unit mix will comprise 45 studios, 11 studio alcoves, 95 one-bedroom apartments, 44 one-bedroom residences with home offices, 49 two-bedroom units and three two-bedroom units with home offices. Amenities will include a tenant lounge, business center, screening room, karaoke room, golf simulator, game room, multiple party rooms, kids’ playrooms, social lounges and a nearly 2,000-square-foot fitness center. The property will also feature ground-floor retail space. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the five-year, interest-only loan through QuadReal Property Group. Completion is scheduled for 2025. “Meticulously designed with floor plans that optimize all available square footage, …

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IllinoisLoansMidwestMultifamilySeniors HousingWalker & DunlopWisconsin

Walker & Dunlop Arranges $65.7M in HUD Financing for Seven Skilled Nursing Facilities in Illinois, Wisconsin

by Kristin Harlow

ILLINOIS AND WISCONSIN — Walker & Dunlop Inc. has arranged $65.7 million in 232/223(f) and 241(a) HUD loans for seven skilled nursing facilities in Illinois and Wisconsin over the course of four months. Joshua Rosen, Brad Annis and Johnny Rice of Walker & Dunlop arranged the construction loans and refinancings on behalf of five clients. The properties, which total 376 units, include Elevate Care Waukegan, Asbury of Kankakee, Allure of Galesburg, Allure of Moline, Crossroads Care Center of Sun Prairie, Aperion Care St. Elmo and Crossroads Care Center of Fond Du Lac.

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Katie Balderrama Walker & Dunlop LIHTC quote
Affordable HousingContent PartnerDevelopmentFeaturesLoansMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern

LIHTC Program Offers Lifeline to Struggling Multifamily Developers

by Sarah Daniels

It’s a tough time for much of multifamily development, but the Low-Income Housing Tax Credit (LIHTC) program offers incentives that make much-needed affordable housing comparatively easier to achieve under the current economic conditions. Building is expensive and financing is tight in the current multifamily market. However, as it has for the last 30 years, the LIHTC program provides solutions that increase the ease of creating and sustaining affordable housing, even when the overall multifamily market faces challenges. The program not only promotes the construction and acquisition of housing but also enforces conditions that help maintain the stability and preservation of affordable properties. The program is also needed to address the demand for affordable housing. The National Low Income Housing Coalition estimates that extremely low-income households represent 25 percent of the nation’s 44.1 million renters and reports a shortage of 7.3 million affordable and available rental homes. Historical Financial Resilience “The LIHTC asset class is resilient, if not countercyclical, under challenging economic times,” says Katie Balderrama, executive vice president of affordable equity at Walker & Dunlop. The firm typically sees a foreclosure rate of under 1 percent on properties supported by LIHTC. “Overall, our affordable housing assets tend to perform fairly …

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IllinoisLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $29.5M Refinancing for Marine Terrace Apartments in Chicago

by Kristin Harlow

CHICAGO — Walker & Dunlop has arranged $29.5 million in refinancing for Marine Terrace Apartments in Chicago’s Buena Park neighborhood. The 190-unit apartment community at 4180 N. Marine Drive was formerly a condominium building. Dean Huber and Brien Martin of Walker & Dunlop arranged the loan through Prime Finance on behalf of the borrower, Rany Management. Rany plans to use around $2 million of the financing to add amenities such as a rooftop deck and a fitness room.

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AcquisitionsAffordable HousingMichiganMidwestMultifamilyWalker & DunlopWisconsin

Walker & Dunlop Arranges Sales of Four Affordable Housing Communities in Detroit, Milwaukee

by Kristin Harlow

DETROIT AND MILWAUKEE — Walker & Dunlop has arranged the sales of four Section 8 affordable housing communities in Detroit and Milwaukee. Sales prices were not provided. The Detroit properties total 81 units and include Aaron Apartments, Field Place Apartments and West Boston Apartments. All three communities underwent significant rehabilitation in 2007 facilitated by 9 percent Low-Income Housing Tax Credits (LIHTCs). In Milwaukee, Boulevard Apartments features 235 units. The property boasts a 100 percent LIHTC allocation and is further supported by 15 percent Section 811 Project Rental Assistance. Aaron Hargrove and Eric Taylor of Walker & Dunlop represented the undisclosed buyers and sellers in all four deals.

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AcquisitionsMassachusettsMultifamilyNortheastWalker & Dunlop

TruAmerica Multifamily Acquires 158-Unit Complex in Hudson, Massachusetts

by Taylor Williams

HUDSON, MASS. — Los Angeles-based investment firm TruAmerica Multifamily has acquired J Highlands at Hudson, a 158-unit complex located on the western outskirts of Boston. Built on 12 acres in 2005, the property offers one-, two- and three-bedroom units. Amenities include a fitness center, resident clubhouse, community kitchen, playground, basketball court, dog park and outdoor grilling and dining stations. Mike Coyne, Travis D’Amato, Maggie McFarland and Brendan Shields of Walker & Dunlop represented the undisclosed seller in the transaction. Russell Dey and Trevor Fase, also with Walker & Dunlop, arranged acquisition financing for the deal.

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DevelopmentLoansMultifamilyNew YorkNortheastWalker & Dunlop

Partnership Receives $108.1M in Construction Financing for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — A partnership between two locally based firms, EJS Group and New Hope Capital, has received $108.1 million in construction financing for a 240-unit multifamily project in Brooklyn’s Bedford-Stuyvesant neighborhood. The development at 12 Halsey St. will consist of three buildings, with 30 percent of the units to be reserved as affordable housing. Amenities will include a pool, fitness center, tenant lounge and rooftop garden, as well as ground-floor retail space. Completion is slated for fall 2025. The financing package consists of an $83.1 million senior mortgage loan from Bank OZK and $25 million in mezzanine financing from CanAm Enterprises. Aaron Appel of Walker & Dunlop arranged the debt on behalf of the developers.

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