New York & Tri-State + Outer + Finance | September 6, 2023

BK Affordable Housing Portfolio Lands $36M Refi

Grower Housing Development Fund Corporation has provided a $35.6 million loan to refinance a Section 8 affordable apartment portfolio in Brooklyn, New York.

The portfolio consists of 251 units in eight buildings located in Williamsburg. The Fannie Mae 10-year fixed-rate loan with 5 years of interest-only payments and a 35-year amortization. The financing also includes $8 million for renovations to preserve long-term affordable housing. The client plans to allocate approximately $250,000 for green improvements as part of the rehabilitation project.

Walker & Dunlop’s Affordable team arranged the refinance on behalf of an unidentified borrower with a team led by Frank Cassidy and John Gilmore. The team worked alongside the New York City Housing Preservation & Development and New York City Housing Authority to secure the Moderate Rehabilitation loan.

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Frank Cassidy

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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