Walker & Dunlop has structured $13,920,000 in financing for Willa Rawls Manor, an 11-story, 123-unit affordable housing community for seniors aged 62 and above.

The property was developed in 1979 and is 100 percent covered by a long-term Section 8 Housing Assistance Payments contract. Located in Chicago, the property provides much-needed viable housing for elderly residents in one of the nation's highest-cost metropolitan areas.Walker & Dunlop, led by Jeff Lawrence and Matt Baptiste, worked closely with repeat-client Stonebridge Global Partners to arrange the ten-year acquisition financing through Freddie Mac.

The team also effectively coordinated with the seller to ensure the loan closing aligned with the borrower's assumption of the property's housing assistance payment contract, which expires three years beyond the loan maturity date.

"We are delighted to add such a quality senior living apartment community in a thriving primary market into the Stonebridge portfolio," commented Eli Mizrahie, Managing Partner at Stonebridge Global Partners. "Our commitment to preserving affordable housing, coupled with our trusted partnerships with Walker & Dunlop and Freddie Mac, gave us the competitive advantage and seamless execution necessary to acquire a highly desirable asset like Willa Rawls Manor."

Lawrence and Baptiste arranged Stonebridge Global Partners' first transaction in 2013, and they have since completed almost 15 assignments for the affordable housing-focused client over the last five years.

"Our mission at Freddie Mac is to serve families across the nation who are struggling to find decent, safe, affordable housing," stated David Leopold, Freddie Mac Vice President, Targeted Affordable Sales & Investments. “We’ve provided the financing that preserves the affordability of 123 units of seniors housing for such a historically significant and vitally important part of the Chicago community."