Weekly Real Estate News
In brief: Newmark arranged $369 million in Fannie Mae financing for April Housing’s 11-property Florida affordable housing portfolio. The credit facility combines fixed- and floating-rate debt; the exact closing date and portfolio unit count were not disclosed.
Newmark has arranged a $369 million Fannie Mae credit facility for April Housing to support the long-term preservation of 11 affordable housing properties across Florida.
The commercial real estate advisory firm announced the financing on Monday, Oct. 19. The interest-only facility combines $221.4 million in fixed-rate financing with a $147.6 million floating-rate portion. Newmark described the assignment as completed but did not disclose the exact closing date.
Two financing structures across 11 properties
The fixed-rate portion represents 60% of the credit facility, while the floating-rate portion accounts for the remaining 40%. Newmark said its team negotiated a rate buydown on the fixed-rate portion to help maximize proceeds. The company did not disclose the actual interest rates, maturity date or the cost of the buydown.
Newmark Vice Chairman and Head of Affordable Housing Debt & Structured Finance Evan Williams led the financing, supported by Senior Managing Director Ian McIntire, Director Seante Vang and Analyst Nicole Phillips.
The transaction required the review of 24 separate regulatory agreements across the 11 properties, highlighting the additional legal and underwriting work involved in financing housing subject to affordability restrictions. Newmark said the team worked under a compressed timeline between application and closing.
Preserving existing affordable housing
April Housing is an owner and preservation-focused housing company. The borrower said the financing supports continued affordability at the Florida communities.
“By financing with a best-in-class credit facility from the Fannie Mae and Newmark teams, April Housing is able to ensure long-term affordability at these communities,” said Naveen Agrawal, April Housing’s senior vice president of capital markets, in the announcement.
Since 2024, April Housing has completed preservation work involving more than 3,650 affordable homes nationally, according to Newmark’s release, including more than 700 in Florida during the past year. Those figures describe April Housing’s broader preservation activity, not the unit count of the 11 properties financed in this transaction.
The announcement did not name the properties, identify their individual locations or state how many apartments the portfolio contains. It also did not disclose the portfolio’s valuation or the terms of any associated affordability extensions.
What the financing means for multifamily capital markets
The transaction illustrates how agency financing can be structured for large portfolios with different regulatory obligations. An interest-only credit facility generally requires periodic interest payments without scheduled principal amortization during the applicable interest-only period, although the full terms of this particular facility were not disclosed.
For multifamily lenders and investors, the combination of fixed-rate and floating-rate debt provides different exposures to future interest-rate movements within a single financing package. The use of a rate buydown on the fixed-rate component also underscores how borrowers and advisors are managing financing costs and proceeds.
Preservation financing can help maintain existing affordable housing stock, but the ultimate affordability commitments are governed by each property’s agreements and applicable programs. Newmark has not released those agreements for the 11 Florida properties.
Source: Newmark Group’s October 19, 2026 announcement. Additional background: April Housing newsroom.
