Newmark Affiliate Arranges $369M Financing for 11 Florida Affordable Housing Properties
Newmark Group arranged a $369 million Fannie Mae credit facility on behalf of April Housing, supporting the long-term preservation of an 11-property affordable housing portfolio located throughout Florida.
The financing consisted of a $221.4 million fixed-rate draw and a $147.6 million floating-rate draw, structured as an interest-only facility through Fannie Mae. A buydown on the fixed-rate portion of the facility helped maximize proceeds and support the overall financing strategy.
Newmark’s Evan Williams arranged the financing on behalf of April Housing, with Director Ian McIntire, Seante Vang and Nicole Phillips also supporting the assignment. The transaction presented several complexities, including the review and analysis of 24 separate regulatory agreements across 11 properties.
April Housing, a Blackstone portfolio company, is a provider of solutions and capital to create and preserve high-quality affordable housing throughout the United States. The company oversees one of the nation’s largest portfolios of LIHTC (Low-Income Housing Tax Credit) housing.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout