Newmark has arranged a $369 million Fannie Mae credit facility for April Housing, financing an 11-property affordable housing portfolio in Florida. The interest-only facility combines fixed- and floating-rate draws and includes a buydown on the fixed-rate portion. The transaction involved reviewing 24 regulatory agreements tied to the properties.
Key takeaways
- The $369 million facility supports 11 affordable housing properties in Florida.
- It includes a $221.4 million fixed-rate draw and a $147.6 million floating-rate draw.
- Newmark’s team reviewed 24 regulatory agreements as part of the transaction.
- April Housing says the financing will help maintain long-term affordability at the communities.
The financing brings together Newmark, April Housing and Fannie Mae, with the structure designed to provide capital for the portfolio while accommodating its regulatory requirements.
Facility combines fixed and floating rates
The financing is structured as an interest-only facility. Its fixed-rate component totals $221.4 million, while the floating-rate portion is $147.6 million. Newmark also arranged a buydown on the fixed-rate draw to increase the proceeds available through the financing.
Newmark Vice Chairman Evan Williams led the transaction, supported by Senior Managing Director Ian McIntire, Director Seante Vang and Analyst Nicole Phillips. Williams said the team’s work included navigating the complexity of the affordable housing transaction within a demanding timeline.
Regulatory review and affordability goals
The transaction required analysis of 24 separate regulatory agreements across the 11 properties. April Housing Senior Vice President of Capital Markets Naveen Agrawal said the facility is intended to help preserve long-term affordability at the communities.
April Housing describes itself as a major owner and preserver of affordable housing in the United States. The company says it has completed the preservation of more than 3,650 affordable homes since 2024, including more than 700 in Florida over the past year.
Newmark’s role
Newmark arranged the financing on behalf of April Housing, coordinating the facility’s structure and the review of the portfolio’s regulatory agreements. The transaction adds to the firm’s work in affordable housing finance, where property-level regulatory requirements can shape how financing is arranged.