CHICAGO — Walker & Dunlop Inc. has structured $13.9 million in financing for the acquisition of Willa Rawls Manor, an 11-story, 123-unit affordable seniors housing community in Chicago.
The property was originally developed in 1979 and is 100 percent covered by a long-term Section 8 Housing Assistance Payments (HAP) contract. Located in the historic Bronzeville district, the property is a longtime fixture in the neighborhood. represents a significant fixture of the neighborhood and provides much-needed viable housing for elderly residents in one of the nation’s highest-cost metropolitan areas.
The Walker & Dunlop team of Jeff Lawrence and Matt Baptiste represented repeat-client Stonebridge Global Partners in the 10-year Freddie Mac financing. The team also coordinated with the seller to ensure the loan closing aligned with the borrower’s assumption of the property’s HAP contract, which expires three years after the loan maturity date.
Situated just five miles south of downtown Chicago, Bronzeville contains six structures on the National Register of Historic Places, and it was home to prominent figures such as Sam Cooke, Ida B. Wells and Louis Armstrong. In addition to its historic charm, the area also features public art in the form of murals and sculptures. The neighborhood affords residents of Willa Rawls Manor proximity to several amenities, including lakefront recreational activities at Burnham Park, museums and cultural centers, public transportation and major thoroughfares.