First Walker & Dunlop Affordable Bridge Capital Transaction With Pretium Closes

Key Terms

bridge loan financial

A bridge loan is a short-term loan used to quickly provide funds until a larger, long-term financing option is in place. It acts like a temporary bridge, helping individuals or businesses cover immediate expenses or complete transactions without delay. For investors, it’s important because it offers quick access to cash but often comes with higher costs and short repayment periods.

hud 223(f) regulatory

HUD 223(f) is a Federal Housing Administration program that provides government-insured, long-term mortgages for purchasing or refinancing stabilized multifamily rental properties. Think of it as an insured, fixed-rate mortgage designed for apartment buildings that already have steady tenants; it typically offers lower down payments, competitive interest rates and long amortization, which can lower financing costs and reduce cash-flow risk for property investors and lenders.

first lien financial

A first lien is a legal claim that gives a lender the top priority to be repaid from specific collateral if a borrower defaults or liquidates assets. Think of it as being first in line for the proceeds from a sale—investors who hold a first lien are more likely to recover their money than holders of later claims, so these loans generally carry lower risk and different pricing compared with unsecured or subordinated debt.

lihtc equity financing financial

Low-Income Housing Tax Credit (LIHTC) equity financing is when private investors provide money to build or rehabilitate affordable rental housing in exchange for federal tax credits and an ownership stake in the project. For investors it can act like buying a long-term tax discount paired with real asset exposure—offering predictable tax benefits and stable cash flow potential, but requiring strict compliance with affordability rules and a multi-year hold.

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BETHESDA, Md.--(BUSINESS WIRE)-- Walker & Dunlop, Inc. and Pretium announced today that they have closed a $75.7 million bridge loan with 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.

The financing will support the property through an anticipated permanent refinance under the HUD 223(f) program. The bridge loan is structured as short-term interim financing ahead of the anticipated HUD execution and is secured by a first lien on the property.

“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.”

The 13-story property, built in 1928, was rehabilitated in 1981 and has 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 24/7 third-party security guard service.

The property is located in Manhattan’s Chelsea submarket, near Penn Station, Moynihan Train Hall, Hudson Yards, Manhattan West, neighborhood retail, schools, and major transit.

“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.”

Walker & Dunlop Affordable Bridge Capital, a joint venture with Pretium, was launched 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 brings together a dedicated group of affordable specialists who provide our clients with solutions to achieve their affordable housing objectives. The team has the deep expertise and capability to provide debt and LIHTC equity financing, investment sales and advisory services. To learn more about our capabilities and financing options, visit our website.

Pretium’s real estate debt business expands housing supply in the U.S. by providing private capital to professional real estate investors, developers, and homebuilders. Since December 2024, Pretium has loaned homebuilders and developers more than $3 billion, enabling them to create more than 13,000 housing units.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 and has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has over $60 billion in assets and employs approximately 6,500 people across 45+ offices, including its New York headquarters, Miami, London, Abu Dhabi, Bangalore, Seoul, and Sydney. Please visit www.pretium.com for additional information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260608068541/en/

Media:
Nina H. von Waldegg
Public Relations
Phone 301.564.3291
nhvwaldegg@walkerdunlop.com

Brenna Karp
Public Relations, Pretium
Phone 301.215.5500
Media@pretium.com

Source: Walker & Dunlop, Inc.