Walker & Dunlop Structures $6.9M Loan for Affordable Community in Orlando

ORLANDO, Fla. — Walker & Dunlop Inc. has structured a $6.9 million loan for William Booth Towers, an age-restricted, Section 8 apartment community in Orlando.

Jeff Kearns led the Walker & Dunlop origination team, which utilized HUD 223(f) program to refinance the property’s existing HUD 202 loan. The loan included a 35-year, fixed-rate term.

The refinance reduced the property owner’s interest rate by three percent and generated proceeds which will be used to perform a $3.5 million rehabilitation of the property. Renovations will include interior cabinetry upgrades, exterior painting, an upgraded building security system and accessibility improvements. 

Built in 1980, William Booth Towers is restricted to residents aged 62 and above. The 15-story, 168-unit multifamily community is located just west of Orlando’s central business district. The property is fully occupied with a waitlist of over 200.

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