Walker & Dunlop and Pretium Close $75.7 Million Bridge Loan to Refinance Manhattan Affordable Multifamily Property
Walker & Dunlop, Inc. and Pretium have closed a $75.7 million bridge loan through Walker & Dunlop Affordable Bridge Capital, their affordable housing bridge lending joint venture, to refinance a 174-unit affordable multifamily housing community in Manhattan's Chelsea submarket. The transaction, announced June 8, 2026, marks the first closing for the joint venture and is structured as short-term interim financing secured by a first lien on the property, ahead of an anticipated permanent refinance under the HUD 223(f) program.
Deal Structure and Financing Terms
The $75.7 million bridge loan is designed to carry the property through the timeline required to execute a permanent HUD 223(f) refinancing. The loan is secured by a first lien on the property. At 174 units, the financing implies a loan-per-unit of approximately $435,000. Loan term, interest rate, and other financing terms were not disclosed.
The 13-story building was constructed in 1928 and underwent rehabilitation in 1981. It contains 110 one-bedroom units and 64 two-bedroom units, with an average unit size of approximately 704 square feet. Community amenities include a clubhouse, laundry facilities, business center, fitness center, security system, secure building entry, security desk, and 24-hour third-party security guard service. The property is situated near Penn Station, Moynihan Train Hall, Hudson Yards, Manhattan West, neighborhood retail, schools, and major transit corridors.
"This closing reflects the strength of our partnership with Pretium, and our shared commitment to supporting the preservation of affordable housing," said William Carroll, senior vice president of Walker & Dunlop Affordable Housing and Head of Specialty Credit. "The transaction demonstrates how the venture can provide certainty of execution and tailored financing solutions during transitional periods for affordable housing owners."
Bridge-to-HUD Strategy
The transaction is structured as a bridge to a permanent HUD 223(f) refinancing. HUD 223(f) loans are used for stabilized multifamily and affordable properties and offer long-term, fixed-rate, non-recourse financing. HUD execution timelines can be lengthy, creating an interim financing gap that the joint venture is designed to address.
Karen Kulvin, managing director and portfolio manager for Real Estate Debt at Pretium, commented on the deal. "This transaction is an important milestone, and a reflection of what the affordable housing sector needs right now," Kulvin said. "Owners are navigating complex refinancing timelines, and traditional capital sources aren't keeping pace. We built this venture with Walker & Dunlop to fill that gap, and this closing shows that flexible, reliable financing can make a difference in preserving affordability for communities across the country."
Walker & Dunlop Affordable Bridge Capital Joint Venture
Walker & Dunlop Affordable Bridge Capital was launched to provide bridge financing solutions for affordable housing owners nationwide, combining Walker & Dunlop's affordable housing lending capabilities and market relationships with Pretium's real estate investment expertise. The Chelsea transaction is the first closing for the venture.
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Its Affordable Housing platform provides debt and low-income housing tax credit equity financing, investment sales, and advisory services. Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit, with over $60 billion in assets under management and approximately 6,500 employees across more than 45 offices globally. Since December 2024, Pretium has reported loaning homebuilders and developers more than $3 billion, enabling the creation of more than 13,000 housing units.