LOS ANGELES — Walker & Dunlop has arranged $28.9 million in refinancing for Billy G. Mills Manor, an affordable housing community next to the University of Southern California in Los Angeles. Jeff Kearns and Laura Woltanski of Walker & Dunlop Affordable Housing Debt secured the refinancing through HUD/FHA’s Section 223(f) loan program on behalf of Watt Capital Developers.
Billy G. Manor features 102 affordable housing unit supported by a Project-Base Section 8 Housing Assistance Payment (HAP) contract covering 100 percent of the residences. The refinancing also funds approximately $30,000 per unit for planned renovations, including roof replacement, new windows and sliding doors throughout the property.
The transaction closed simultaneously with a 20-year renewal of the property’s Project-Base Section 8 contract, preserving long-term affordability while supporting meaningful capital improvements for residents.