In a first for Walker & Dunlop, an all-female team comprising Senior Director Heather Olson, GSE Underwriter Emily Worcester, Transaction Manager Jessica Deeney and Senior Vice President & GSE Closing Manager Nancy Sexton handled the entire production side, underwriting and closing for a transaction. The deal was arranged for a to-be-built age-restricted, affordable housing community in Sarasota, Florida. Featuring 84 units, 42 of which will have long-term Section 8 contracts, the community will have three stories and amenities such as a business center, community room, picnic areas and laundry facilities.
A joint venture between the Sarasota Housing Authority, Calston Advisors, LLC and Smith & Henzy Advisory Group is developing the property. They obtained $5.2 million in permanent financing through Freddie Mac’s Targeted Affordable Housing platform. In addition, the joint venture secured construction financing from Bank of America and tax credit equity through Enterprise Community Partners. Finally, in conjunction with the 9% LIHTC equity provided, the borrower will enter into a 15-year term HAP Contract with the Sarasota Housing Authority at construction closing for 50% of the units.
