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.

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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

First Walker & Dunlop Affordable Bridge Capital Transaction With Pretium Closes