Walker & Dunlop Arranges $29.6 Million in LIHTC Equity for Canyon Creek East

Walker & Dunlop has successfully arranged $29.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity for Canyon Creek East, an affordable housing project in Lenexa, Kansas.

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06/24/2024 - 06:00 PM EDT

BETHESDA, Md.--(BUSINESS WIRE)-- Walker & Dunlop, Inc. announced today that it successfully arranged $29.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity for the financing of Canyon Creek East, a groundbreaking affordable housing project in Lenexa, Kansas.

Canyon Creek East (Photo: Business Wire)

Canyon Creek East, envisioned as an expansion of the spectrum of residential housing available in Lenexa, will encompass the construction of 212 multifamily units across five buildings. Upon completion, the development will offer a mix of one-, two-, and three-bedroom units to accommodate diverse household sizes.

The Walker & Dunlop Affordable Equity team, led by Jennifer Erixon, arranged the federal LIHTC equity, which will finance approximately 40% of the total development costs, on behalf of MRE Capital. This project marks Walker & Dunlop’s sixth transaction with MRE.

“This financing represents a significant milestone in our mission to foster inclusive and sustainable communities," said Jennifer Erixon, senior managing director of originations at Walker & Dunlop. "Canyon Creek East exemplifies our commitment to providing affordable housing solutions that enhance the quality of life for residents and contribute to the economic vitality of the region.”

Canyon Creek East is part of the broader Cedar Canyon West development plan, which encompasses a mix of residential, commercial, and recreational facilities. MRE’s development will provide affordable housing options to the community with units targeting households earning between 30% and 80% of the area median income (AMI). Furthermore, its location, proximate to major employers in the region, including the soon-to-be-completed Panasonic manufacturing facility and an acclaimed school district provides residents easy access to employment centers and education.

“With LIHTC projects in the market boasting full occupancy and waitlists, Canyon Creek East is poised to address the growing demand for affordable housing options while contributing to the overall prosperity and well-being of the residents of Lenexa and surrounding areas,” said Daniel Sailler of MRE Capital. “We are glad to be working with the experts at Walker & Dunlop yet again to secure this impactful financing.”

Walker & Dunlop’s Affordable Equity team (formerly Alliant Capital) is part of Walker & Dunlop’s broader affordable housing platform and is one of the nation's largest LIHTC syndicators. Today, the Affordable Equity team’s portfolio exceeds $14 billion in assets under management and has provided housing for over 400,000 low-income families, seniors, and veterans. Walker & Dunlop’s market-leading affordable housing platform addresses the financing, sale, and preservation of affordable housing nationwide. To learn more about our capabilities and financing options, visit our website.

About Walker & Dunlop

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