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Walker & Dunlop closed $289M in financing with Fannie Mae for a 21-property portfolio in California. Of these multifamily properties, 11 have project-based Section 8 Housing Assistance Payments Contracts and offer affordable housing to families and seniors. The other properties qualified for Fannie Mae’s Green Rewards Program. New investments in water and electrical systems will reduce the environmental impact of these properties.
The portfolio consisted of 2,189 units in major metropolitan areas of San Francisco, San Jose, San Diego and Los Angeles. These properties met either Fannie Mae’s affordable housing or Green Rewards criteria, creating favorable financing terms for the borrower, according to Walker & Dunlop Vice President Steven Natale, who headed up the team involved.
“Fannie Mae is very focused on growing the supply of both affordable and environmentally sustainable multifamily properties across the country,” Natale said.
The transaction was sourced by Peggy Griffith, a Walker & Dunlop preferred correspondent.
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