AMARILLO, TX—An $86 million financing transaction allowed borrowers of a five-asset 1,208-unit multifamily portfolio to recapitalize the equity, clear up deferred maintenance and renovate units. The portfolio consists of workforce housing owned by Pilgrim V and GRA Equities.
During the last several years, the portfolio has suffered as a result of being undercapitalized due to a previous partner's insolvency. This indirectly caused the properties to lose competitiveness within each respective market.
The transaction was closed by Walker & Dunlop Commercial Property Funding LLC, the New York City-based wholly owned high-yield first mortgage and mezzanine lending platform of Walker & Dunlop Inc. The platform provides funding on investments collateralized by multifamily, commercial, hospitality and healthcare-related real estate assets. In addition, it capitalizes both stabilized and transitional assets across all property types in the United States.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
