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New York & Tri-State  + Uptown/Bronx  + Finance  | 

$136M in Green Financing for Rachel Bridge Apartments

Walker & Dunlop has structured $136 million in green financing for Rachel Bridge, the four-building, 960-unit rental complex atop the Trans-Manhattan Expressway leading to the George Washington Bridge in Washington Heights.

Working on behalf of owner Clipper Equity, a team of Hirsch Simins, David Rosenberg, Brendan Coleman and Chris Forte utilized Freddie Mac’s Green Up Plus Program. They also obtained favorable loan terms for Clipper within a tight timeframe.

The Freddie Mac green financing program provides a partial reimbursement to the borrower of costs associated with water and energy upgrades performed within apartment units. Additional terms on the Rachel Bridge loan included 10 years of interest-only payments at a 1.25x debt service coverage ratio.

“The combination of a large New York City affordable housing complex, and best-in-class sponsorship, enabled us to provide an incredible loan to the borrower, and we were able to close quickly,” said Simins.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing