Walker & Dunlop Arranges $144M in Financing for Seven-Property Affordable Portfolio

Bethany Towers, Hazlet, N.J. Bethany Towers, Hazlet, N.J.

BETHESDA, Md. — Walker & Dunlop Inc. (NYSE: WD), a Bethesda-based lender, has arranged $144 million in Fannie Mae financing for a seven-property affordable seniors housing portfolio in New Jersey.

The borrower was a joint venture between Hudson Valley Property Group, Red Stone Cos. and Wheelock Street Capital. The venture purchased the portfolio and plans to implement upgrades throughout the properties.

The tenants of all the properties are largely reliant on Section 8 housing assistance from HUD. Six of the communities are fully age-restricted, while the seventh is a mix of seniors housing and standard multifamily.

The properties included in the financing, which total 1,009 units, are:

  • Bethany Towers in Hazlet, N.J.
  • Bailey-Holt Towers in East Orange, N.J.
  • Metuchen Senior Citizens in Metuchen, N.J.
  • Old Bridge Rotary Senior Citizens in Old Bridge, N.J.
  • Orange Park Apartments in Orange, N.J.
  • St. James Village in East Windsor, N.J.
  • Triangle Village Apartments in Paterson, N.J.

Andrew Gnazzo led the Walker & Dunlop origination team. Community Realty Management operates the portfolio.

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