Firm provides financing for 84-unit affordable housing development

SARASOTA — Capita and financing firm Walker & Dunlop Inc. has structured $5.2 million in permanent financing for Amaryllis Park Place, a 62-plus, age-restricted, 84-unit affordable housing development in Sarasota.

The project will be constructed using 9% Low Income Housing Tax Credits, according to a press release.

Amaryllis Park Place, a three-story garden-style apartment building, will have community amenities including a business center, community room, fitness center, picnic areas and laundry facilities. In conjunction with the 9% Low Income Housing Tax Credits equity provided, the borrower will enter into a 15-year term HAP Contract with the Sarasota Housing Authority at construction closing, providing Project-Based vouchers for 42, or 50%, of all units at the site.

The project is being developed by a joint venture between the Sarasota Housing Authority, Calston Advisors LLC and Smith & Henzy Advisory Group. The transaction represents the first deal in company history led by an all-female team, inclusive of production, underwriting and closing, the release adds. 

"It has been a long and windy road, but through sheer determination and great partners, we have successfully closed Amaryllis Park Place, and construction is starting," says Sarasota Housing Authority CEO William Russell in the statement. "With Sarasota's significant population of elderly residents, coupled with limited affordable housing options, this development will fill a critical need for our community." 

Bethesda, Md.-based Walker & Dunlop provides capital solutions for all commercial real estate asset classes and investment sales brokerage services to owners of multifamily properties. Walker & Dunlop has over 900 employees in 40 offices across the country.