Chicago & Midwest + South Side + Senior Housing | December 6, 2018

Walker & Dunlop Lines Up Freddie Loan for Bronzeville Seniors Apts.

Walker & Dunlop has structured $13,920,000 in financing for Willa Rawls Manor, an 11-story, 123-unit affordable housing community in Bronzeville for seniors aged 62 and above. The property was originally developed in 1979, and is 100% covered by a long-term Section 8 Housing Assistance Payments (HAP) contract.

A Walker & Dunlop team led by Jeff Lawrence and Matt Baptiste worked closely with repeat-client Stonebridge Global Partners to arrange the 10-year acquisition financing through Freddie Mac.

The team also coordinated with the seller to ensure the loan closing aligned with the borrower’s assumption of the property’s HAP contract, which expires three years beyond the loan maturity date.

“Our commitment to preserving affordable housing, coupled with our trusted partnerships with Walker & Dunlop and Freddie Mac, gave us the competitive advantage and seamless execution necessary to acquire a highly desirable asset like Willa Rawls Manor,” said Stonebridge’s Eli Mizrahie.

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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).

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