BETHESDA, Md.— Walker & Dunlop and Pretium have completed a $75.7 million bridge loan to refinance a 174-unit affordable multifamily housing community in Manhattan, marking the first transaction closed through the firms’ newly launched affordable housing lending joint venture, Walker & Dunlop Affordable Bridge Capital.
The financing provides short-term interim capital as the property owner pursues a permanent refinance through the U.S. Department of Housing and Urban Development’s HUD 223(f) program. The bridge loan is secured by a first lien on the property and is designed to provide certainty of execution during the transition to long-term financing.
The transaction highlights growing demand for flexible capital solutions within the affordable housing sector, where owners often face lengthy refinancing timelines and limited traditional lending options.
“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.”
Located in Manhattan’s Chelsea neighborhood, the 13-story property contains 174 affordable housing units, including 110 one-bedroom apartments and 64 two-bedroom units. Originally constructed in 1928 and rehabilitated in 1981, the community offers an average unit size of approximately 704 square feet.
Residents have access to a range of amenities, including a clubhouse, fitness center, business center, laundry facilities, secure building entry, security desk, and 24-hour third-party security services.
The property occupies a highly connected location near Penn Station, Moynihan Train Hall, Hudson Yards, Manhattan West, retail destinations, schools, and major transportation networks, positioning it within one of New York City’s most active residential and commercial districts.
The financing represents an early milestone for Walker & Dunlop Affordable Bridge Capital, which was established to provide bridge financing solutions to affordable housing owners nationwide. The joint venture combines Walker & Dunlop’s affordable housing lending platform and industry relationships with Pretium’s real estate investment and credit expertise.
“This transaction is an important milestone, and a reflection of what the affordable housing sector needs right now,” said Karen Kulvin, Managing Director and Portfolio Manager for Real Estate Debt at Pretium. “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.”
The closing comes as affordable housing owners across the country continue to seek creative financing solutions amid elevated interest rates, regulatory requirements, and growing capital needs for aging housing stock.
Walker & Dunlop’s Affordable Housing platform provides debt and Low-Income Housing Tax Credit (LIHTC) equity financing, investment sales, and advisory services, while Pretium’s real estate debt business focuses on expanding housing supply through private capital investments. Since December 2024, Pretium has deployed more than $3 billion in financing to homebuilders and developers, supporting the creation of more than 13,000 housing units nationwide.
Industry observers say partnerships such as Walker & Dunlop Affordable Bridge Capital are expected to play an increasingly important role in helping preserve affordable housing assets by bridging financing gaps and facilitating long-term recapitalizations.
