New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Brooklyn Affordable Portfolio Lands $100M Financing via Walker & Dunlop
Walker & Dunlop, Inc. structured $100,000,000 in financing for the Park Affordable Portfolio, a collection of eight affordable multifamily properties in Brooklyn on behalf of Iris Holdings Group, a national developer of affordable housing.
The firm’s Abe Katz and Jon Kushner led a competitive marketing and financing process on behalf of Iris, which acquired a majority of the 317-unit portfolio in 2018 as part of an affordable housing preservation initiative.
The Walker & Dunlop team identified MF1 Capital as the ideal lender. Following extensive renovations completed at the properties, the new loan serves to refinance existing debt and fund future improvements.
“Walker & Dunlop and MF1 Capital’s experience in complex affordable transactions with public-private partnerships allowed for a streamlined financing process,” said Iris Holdings’ Marc Blumenfrucht. “The creation of affordable housing is critical for the future of New York City and the road to recovery from COVID-19.”
- ◦Financing
