W&D Provides $1.7B Refi for Starwood Affordable Housing Portfolio
By Andrew Coen April 16, 2026 12:49 pm
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Starwood Capital has sealed a $1.7 billion debt package to refinance a national portfolio of 12,955 predominantly affordable rental housing units across 52 properties.
Walker & Dunlop originated the 10-year, Freddie Mac-backed loans for Starwood Capital’s Starwood Real Estate Income Trust (SREIT) that acquired the assets spread across 10 states from Strata Equity Group in November 2021. The deal was closed by W&D’s capital markets institutional advisory group consisting of Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Stepniewski and Michael Ianno.
“This significant portfolio financing reflects Walker & Dunlop’s ability to structure and execute large-scale financing solutions for the world’s largest and most sophisticated institutional clients,” Willy Walker, W&D CEO and chairman, said in a statement. “Financings of this size and complexity require a coordinated and collaborative team of bankers and underwriters.”
Walker also credited Stolly, senior managing director, with leading the transaction alongside the W&D capital markets team and Freddie Mac in a refi that positions “the Strata portfolio for sustained performance and continued long-term success.”
SREIT, a non-traded real estate investment trust, acquired the Strata portfolio in November 2021 for an undisclosed purchase price. At the time, it consisted of 15,460 units in 62 multifamily communities.
The W&D refi includes a smaller collateral reflecting SREIT divesting from some of the properties, including selling a 360-unit complex in Parker, Colo., to Bell Partners for $103.3 million in early 2025, MultiHousing News reported. The Strata portfolio included properties in
California, Colorado, Georgia, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Texas and Washington, according to MultiHousing News.
“Starwood is proud to own and support workforce housing communities,” Jonathan Pollack, president of Starwood Capital, said in a statement. “With a large majority of units in high-growth, high-migration markets, we believe the fundamentals are strong for the long term for our lenders and investors.
Andrew Coen can be reached at acoen@commercialobserver.com.
