Walker & Dunlop, HUD finance more than $135 million for six Rhode Island properties

Walker & Dunlop announced that it arranged $135 million in HUD loans for six multifamily properties in Rhode Island between October 2023 and February 2024. The team worked alongside the U.S. Department of Housing and Urban Development (HUD) to complete the financing. They utilized HUD's FHA Section 223(f) program, allowing the client to secure six fully amortizing long-term loans as well as the option to cash out equity at a 1.111 debt service coverage ratio (DSCR) for necessary repairs.

The Walker & Dunlop HUD Financing team served as exclusive advisers to the client, Carpionato Group, and arranged all six loans. Carpionato Group is a prominent New England real estate development company with more than 50 years of private ownership. The company specializes in integrated real estate services and has a diverse portfolio with a $1.5 billion development project pipeline totaling more than six million square feet of real estate assets.

The properties — Riverbend;