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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