IRVINE, CA – WNC & Associates, a family-owned business known as both a pioneer and leader in the affordable housing industry, announced the recent closing of WNC Institutional Tax Credit Fund 59, L.P. (Fund 59), a $210 million national Low-Income Housing Tax Credit (LIHTC) fund that will support the creation and preservation of affordable housing across 18 communities in 13 states. The successful close reflects WNC’s continued ability to connect private capital with housing solutions that help address growing demand for affordable housing nationwide.
“For more than 55 years, WNC has brought together private capital and trusted partnerships to expand and preserve affordable housing nationwide,” said Will Cooper Jr., president and CEO of WNC. “During a housing crisis marked by a shortage of 7.2 million affordable and available rental homes, Fund 59 shows how private capital can be mobilized to help close the gap. New federal housing policy will bolster this work and expand opportunities to invest in affordable housing.”
Fund 59 is investing in 2,015 affordable housing units in 18 communities across Alaska, California, Florida, Indiana, Kentucky, Massachusetts, Maine, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, and Texas. The portfolio includes seven new-construction communities and 11 preservation communities, with two rehabilitations of historic properties. Five of the properties serve seniors, while 13 provide affordable housing for families. Together, these investments will help expand housing opportunities while preserving existing affordable housing in communities across the country.
“We are grateful for the continued confidence our investor partners place in WNC and our mission,” said Christine Cormier, executive vice president of investor relations at WNC. “Fund 59 reflects the trust we’ve built over more than five decades and the continued demand for investments that deliver meaningful community impact alongside long-term value. Together with our investors, we’re helping connect private capital with affordable housing solutions in communities across the country.”
In addition to LIHTC, Fund 59 includes investments utilizing Energy Tax Credits and Historic Tax Credits, further supporting the preservation and development of high-quality affordable housing.

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BEVERLY HILLS, CA – Kennedy Wilson, a global real estate investment company, has partnered with Kenedix, Inc. and Hulic Co., Ltd. to buy Carraway, a 421-unit multifamily community in West Harrison, New York, for $237 million. The acquisition further expands Kennedy Wilson s investment management platform and deepens its relationship with long-standing Japanese partners Kenedix and Hulic.
Completed in 2021, the Class A property is located in Westchester County, approximately 25 miles north of Manhattan, and features a mix of studio, one-bedroom and two-bedroom residences, structured parking and approximately 6,400 square feet of ground-floor retail space. Carraway features a highly amenitized living experience, including a resort-style pool, fitness center, coworking space and on-site retail, helping drive strong resident demand and retention.
Carraway represents a rare opportunity to buy a high-quality, recently constructed multifamily community in one of the most desirable suburban markets in the New York metropolitan area. The acquisition extends Kennedy Wilson s investment platform across the East Coast and expands our investment management platform alongside our valued partners Kenedix and Hulic, said William McMorrow, Chairman and CEO of Kennedy Wilson.
We are pleased to have our fourth JV investment with Kennedy Wilson and Kenedix. We are currently increasing international investment with trusted partners in areas where continued population and economic growth are expected. We believe this investment satisfies our criteria, said Sohei Okuno, Managing Officer, General Manager of Global Investment Department at Hulic Co., Ltd.
We are pleased to expand our partnership with Kennedy Wilson and Hulic through the acquisition of Carraway, a high-quality multifamily asset in the New York metropolitan area. This investment reflects our continued focus on institutional-grade residential properties in supply-constrained, high-demand markets where we see strong long-term fundamentals supported by durable population trends and proximity to key employment centers, said Hikaru Teramoto, Representative Director, President & COO at Kenedix, Inc.
Situated within Westchester County, one of the most affluent counties in the United States, Carraway benefits from average household incomes exceeding $175,000 and proximity to White Plains, a major employment center, as well as companies including IBM, PepsiCo, Mastercard, Morgan Stanley and Regeneron. The property has experienced strong leasing momentum, with rents increasing more than 5% over the last year, while maintaining an attractive affordability profile relative to New York City housing alternatives.

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BETHESDA, MD – Walker & Dunlop announced that it has arranged $232,352,000 in financing for a portfolio of five multifamily properties totaling 1,585 units across Arkansas and Florida. The portfolio consists primarily of workforce housing and includes one income-restricted affordable housing community.
Walker & Dunlop Capital Markets Real Estate Finance arranged the financing on behalf of long-time client, Aspen Square Management. Connor Locke, Harvey Pava, Brendan Coleman, and Skye Stansbury secured a single 10-year, fixed-rate, interest-only loan through a new Tier 3 Fannie Mae credit facility. The credit facility is collateralized by five quality workforce housing communities.
“This transaction reflects the strength of our longstanding relationship with Aspen Square and Fannie Mae,” said Connor Locke, managing director of Capital Markets Real Estate Finance at Walker & Dunlop. “By combining high-quality workforce housing with a customized credit facility, we delivered an accretive financing solution that supports Aspen Square’s long-term investment strategy while helping preserve housing affordability across multiple markets.”
The transaction marks Aspen Square’s 16th Fannie Mae credit facility and its eighth completed with Walker & Dunlop, highlighting the enduring partnership among the borrower, lender, and financing team.

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