Walker & Dunlop, Pretium Close $75.7 Million Bridge Loan to Refinance 174-Unit Affordable Multifamily Housing Community in Manhattan
Walker & Dunlop, Inc. and Pretium announced June 8 that they have closed a $75.7 million bridge loan through Walker & Dunlop Affordable Bridge Capital — the firms' affordable housing bridge lending joint venture — to refinance a 174-unit affordable multifamily housing community located in Manhattan's Chelsea submarket. The transaction represents the first closing for the joint venture and is structured as short-term interim financing ahead of an anticipated permanent refinance under the HUD 223(f) program.
Deal Structure and Property Details
The bridge loan is secured by a first lien on the property and is designed to carry the asset through the HUD 223(f) approval and execution process. The structure reflects a common approach in the affordable housing sector, where owners require interim capital ahead of HUD underwriting and processing.
The 13-story property was built in 1928 and rehabilitated 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 in Manhattan's Chelsea neighborhood, near Penn Station, Moynihan Train Hall, Hudson Yards, Manhattan West, neighborhood retail, schools, and major transit corridors.
Joint Venture Background
Walker & Dunlop Affordable Bridge Capital was launched as a joint venture with Pretium to provide bridge financing solutions for affordable housing owners nationwide. The venture combines Walker & Dunlop's affordable housing lending capabilities and market relationships with Pretium's real estate investment expertise.
Walker & Dunlop's Affordable Housing platform provides debt and Low-Income Housing Tax Credit equity financing, investment sales, and advisory services. Pretium, a specialized investment firm with more than $60 billion in assets under management, has loaned homebuilders and developers more than $3 billion since December 2024, enabling the creation of more than 13,000 housing units, according to the announcement.
Executives Comment on the Transaction
William Carroll, senior vice president of Walker & Dunlop Affordable Housing and Head of Specialty Credit, commented on the closing.
"This closing reflects the strength of our partnership with Pretium, and our shared commitment to supporting the preservation of affordable housing," Carroll said. "The transaction demonstrates how the venture can provide certainty of execution and tailored financing solutions during transitional periods for affordable housing owners."
Karen Kulvin, managing director and portfolio manager for Real Estate Debt at Pretium, pointed to broader conditions in the capital markets as context for the venture's formation.
"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 (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Pretium was founded in 2012 and operates across more than 45 offices globally, with its headquarters in New York.