WASHINGTON, DC-Walker & Dunlop has helped secure a $48.9-million loan insured under the US Department of Housing and Urban Development’s Section 223(a)(7) program for a local housing cooperative. The loan was structured as a 90% LTC with a 40-year fully amortizing mortgage. Cushman & Wakefield Sonnenblick Goldman sourced the loan.
The borrower was Capitol Hill Housing Cooperative, which represents a 344-unit building located in downtown Washington, DC. One reason the co-op selected Walker & Dunlop, according to its treasurer Geoffrey Kreiss, was its experience with HUD. Walker & Dunlop was unable to return a call to GlobeSt.com in time for publication.
FHA Section 223(a)(7) allows borrowers whose loans are currently insured by HUD to refinance at current market rates. The program is primarily used by owners of FHA-insured multifamily rental properties and nursing homes, however, it is also available to cooperatives with FHA-insured mortgages.
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