Walker & Dunlop, Pretium Close on $76M Bridge Loan for Chelsea Apartments
Walker & Dunlop, Inc. and Pretium said Monday they have closed a $75.7-million bridge loan with Walker & Dunlop Affordable Bridge Capital, the firms’ affordable housing bridge lending joint venture, to refinance a 174-unit affordable multifamily housing community located in Manhattan.
The financing will support the property through an anticipated permanent refinance under the HUD 223(f) program. The bridge loan is structured as short-term interim financing ahead of the anticipated HUD execution and is secured by a first lien on the property.
“This closing reflects the strength of our partnership with Pretium, and our shared commitment to supporting the preservation of affordable housing,” said William Carroll, SVP of Walker & Dunlop Affordable Housing and Head of Specialty Credit. “The transaction demonstrates how the venture can provide certainty of execution and tailored financing solutions during transitional periods for affordable housing owners.”
The 13-story property in Manhattan’s Chelsea submarket, built in 1928, was rehabilitated in 1981 and has 110 one-bedroom units and 64 two-bedroom units, with an average unit size of approximately 704 square feet.
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
Learn more
Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
Learn more
JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout