Walker & Dunlop Arranges $41M Financing for Maryland Senior Housing Project
The share of Americans older than 65 is expected to grow by nearly 50% by 2050
By Nick Trombola October 21, 2025 2:25 pm
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U.S. senior housing is not immune to the country’s affordability crisis, as more elderly Americans push demand to new heights and available supply tanks, andVirginia-based Community Housing Initiative (CHI) is working to help keep the “Silver Tsunami” at bay.
CHI, together with First Baptist Church of Highland Park (FBCHP), have landed $40.5 million in tax credits and Freddie Mac debt for the development of the Highlands, a 137-unit affordable senior housing complex at 6151 Sheriff Road in Hyattsville, Md. The project will be developed on FBCHP’s campus.
The project’s financing package comes via two separate components. Walker & Dunlop provided the unfunded forward Freddie Mac tax-exempt-loan (TEL), which essentially provides permanent, tax-exempt funding for an affordable housing project after it’s built. The loan is structured as a 30-month forward commitment with a 15-year term and a 40-year amortization.
W&D also syndicated a $12.3 million, 4 percent Low-Income Housing Tax Credit (LIHTC) equity investment from United Bank. Additional financing will be provided by Prince George’s County Housing Investment Trust Fund (HITF) and the Maryland Department of Housing and Community Development, per W&D.
W&D’s P.J. McDevitt and Macy Kisilinsky arranged the debt and equity on behalf of the development team.
“This transaction highlights the flexibility of the Freddie Mac TEL product, allowing us to pair a traditional construction loan with long-term permanent financing, and incorporate LIHTC equity to close the funding gap and optimize the capital stack under affordable housing constraints,” McDevitt said in a statement.
Discussions about the future of senior housing are happening throughout the housing industry as the Baby Boomer generation ages. Morgan Stanely executives — including Lauren Hochfelder, Betsy Gracek and Ellen Zentner — earlier this week discussed senior housing, along with demographics, longevity and wealth management at a media roundtable event aimed at dissecting the crisis.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
