Walker & Dunlop and Pretium Introduce New Affordable Bridge Capital Joint Venture
Today, Walker & Dunlop, Inc. and Pretium announced a $250 million strategic joint venture designed to fill a crucial financing gap for affordable multifamily housing. Walker & Dunlop Affordable Bridge Capital, a joint venture with Pretium will originate flexible, short-term first-mortgage bridge loans for properties that are being acquired, refinanced, or prepared for long-term government-affordable programs such as LIHTC, Section 8, or tax-exempt bonds.
"This joint venture combines our deep affordable housing expertise with Pretium's capital strength and highly experienced multifamily team, giving clients the ability to act quickly in competitive markets," said Sheri Thompson, executive vice president and Head of Affordable Housing at Walker & Dunlop. "It is a powerful new tool that offers flexible, interest-only bridge financing with loan sizes ranging from $10-75 million and terms between 6-36 months. It is an impact-driven platform that will help clients accomplish their mission."
This joint venture will support the expansion of affordable housing by providing in-demand bridge financing that provides projects with reliable, permanent takeout through Agency and HUD programs.
"We designed this joint venture to help address the shortage of quality, affordable housing in communities across America," said Jonathan Pruzan, Co-President of Pretium. "We are proud to partner with Walker & Dunlop to deploy much-needed capital to multifamily owners and developers, leveraging the scale of Pretium's platform and our expertise in creating innovative real estate financing solutions."
Karen Kulvin, managing director and portfolio manager for Real Estate Debt at Pretium added, "We are excited to combine our platform capabilities alongside Walker & Dunlop to deliver powerful financing solutions for affordable multifamily developers. We look forward to working together to bring this product to market."
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.
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 to capitalize on investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium 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 approximately $60 billion of assets, comprising real estate investments across nearly 90 markets in the U.S., and employs approximately 7,000 people across 44+ offices, including its New York headquarters, Miami, London, Seoul, and Sydney. Please visit www.pretium.com for additional information.
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