Walker & Dunlop Arranges $120M in Financing for Harlem Affordable Housing Portfolio

NEW YORK CITY — Walker & Dunlop has arranged $120 million in financing for a portfolio of three affordable housing properties totaling 557 units in Harlem. The portfolio’s capital stack now includes agency debt originated by Freddie Mac and historic tax credit equity that was generated by The New York City Housing Authority (NYCHA) and was subsequently purchased by J.P. Morgan Chase. Proceeds will be used to rehabilitate and preserve the affordability status of Audubon Houses, Bethune Gardens and Thurgood Marshall Plaza, which were built between 1962 and 1985. The owner, a partnership between Dantes Partners and NYCHA, plans to invest about $200,000 per unit in capital improvements. Interior upgrades will include new kitchens, bathrooms, windows, appliances and flooring, and the project team will also modernize the properties’ HVAC systems. Construction is expected to be complete by August 2025. John Gilmore led the Walker & Dunlop team that structured the agency financing.