Newmark Group has arranged a $369 million Fannie Mae credit facility for April Housing, providing long-term financing for an 11-property affordable housing portfolio located across Florida. The facility is intended to support the preservation of these communities, which operate under the Low-Income Housing Tax Credit (LIHTC) program.
The financing structure combines a $221.4 million fixed-rate draw with a $147.6 million floating-rate draw, both executed as part of an interest-only facility through Fannie Mae. A buydown on the fixed-rate component was incorporated to enhance proceeds and align with April Housing’s broader financing strategy for the portfolio.
Newmark’s Evan Williams led the assignment on behalf of April Housing, with Director Ian McIntire, Seante Vang and Nicole Phillips contributing to the execution. The transaction required navigating a complex regulatory framework, including the review and analysis of 24 separate regulatory agreements associated with the 11 properties in the portfolio.
April Housing, a portfolio company of Blackstone, focuses on delivering capital and solutions to create and preserve affordable housing across the United States. The company oversees one of the nation’s largest LIHTC housing portfolios, and the new facility adds long-term balance-sheet financing for a segment of its Florida holdings.
By structuring the financing as an interest-only Fannie Mae credit facility with both fixed and floating components, the parties aligned long-term capital with the regulatory and operational demands of LIHTC housing. The complexity of the regulatory agreements across the properties highlighted the specialized underwriting and advisory work required to complete the transaction.
