Walker & Dunlop announced it has originated $13.8 million for the acquisition of three affordable housing properties in Florida and Maryland.
The borrower is Stonebridge Global Partners, a commercial real estate company focusing on acquiring and managing multifamily Sec. 8 housing projects across the United States.
“With Walker & Dunlop’s continued relationship with Freddie Mac and expertise in affordable housing, the team was able to support Stonebridge Global Partners’ continued growth with their affordable housing portfolio,” said Jeff Lawrence, Walker & Dunlop vice president, in a statement.
The firm worked with Freddie Mac on the financing that has allowed Stonebridge to acquire the following properties:
· Mandarin Trace Apartments in Jacksonville, Fla.—The 120-unit property features one-, two-, and three- bedrooms apartments. All units are covered by a Sec. 8 HAP contract, and a portion of the units are designated as seniors units. The $5.4 million loan was structured as a 15-year, fixed-rate loan, with three years interest-only, followed by a 30-year amortization schedule. Due to the extensive growth within the area and the proximity to the Naval Air Station Jacksonville, the apartment complex is 97.5% occupied;
· College Trace Apartments in Pensacola, Fla.—The 112-unit garden-style apartment complex features a playground, a clubhouse, and a basketball court. The property has a Sec. 8 HAP contract that covers all of the units. The $4.04 million loan was structured as a 15-year, fixed-rate loan, with three years interest-only, followed by a 30-year amortization schedule; and
· Cloverleaf Apartments in Kansas City, Mo.—Built in 1969, the property has 204 units, featuring a mix of two- and three-bedroom apartments. A portion of the units are designated as Sec. 8. The $4.3 million loan was structured as a variable-rate, 10-year loan, two years interest-only, followed by a 30-year amortization schedule.