Walker & Dunlop is partnering with Pretium in a $250 million commitment to affordable multifamily housing.
Walker & Dunlop Affordable Bridge Capital, the joint venture, will originate flexible, short-term first-mortgage bridge loans for properties being acquired, refinanced or prepared for long-term government-affordable programs, such as low-income housing tax credit, Section 8 and tax-exempt bonds, the companies announced in a press release Wednesday.
"This … combines our deep affordable housing expertise with Pretium's capital strength and highly experienced multi-family team, giving clients the ability to act quickly in competitive markets," said Sheri Thompson, executive vice president and head of affordable housing at Walker & Dunlop, in the release. The new tool offers flexible,
This will support the expansion of affordable housing by providing projects with reliable, permanent takeout through Agency and US Department of Housing and Urban Development programs, the release said.
"We designed this joint venture to help address the shortage of quality, affordable housing in communities across America," said Jonathan Pruzan, co-president of Pretium, a specialized investment firm with about $60 billion in assets focused on residential real estate, residential credit and corporate credit. "We are proud to partner with Walker & Dunlop to deploy much-needed capital to multi-family owners and developers, leveraging the scale of Pretium's platform and our expertise in creating innovative real estate financing solutions."
Walker & Dunlop, a commercial real estate finance and advisory services firm, has a history of investing in affordable housing. One of the most recent and significant examples was its Fund 124, a $240 million Multi-Investor Low-Income Housing Tax Credit Investment Fund aimed at advancing affordable housing solutions in 10 states.
The firm was also
