NEW ORLEANS, LA – Walker & Dunlop, Inc. announced that it structured $23,020,000 in permanent financing for The Reveal, a 150-unit affordable housing development that will be constructed utilizing four percent Low Income Housing Tax Credits. Further, the Housing Authority of New Orleans has committed to providing Project-Based Vouchers for all 150 units at the site.
Located in Eastern New Orleans, Louisiana, the property is within the bounds of a designated opportunity zone census tract. Established by Congress in the Tax Cuts and Jobs Act of 2017, opportunity zones encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes. The project is also expected to have a significant impact on the revitalization of the surrounding area, which was deeply impacted by Hurricane Katrina and has experienced a slow recovery.
Walker & Dunlop Senior Director Heather Olson identified Freddie Mac’s Tax Exempt Loan Forward Commitment as the ideal program for the developer, Commonwealth Companies, who was ranked a Top 50 Affordable Housing Developer in 20191. Olson’s team coordinated several different parties to structure the complex affordable financing transaction; in addition to Freddie Mac, the team partnered with the construction lender, Sterling Bank, and the tax credit equity partner, National Equity Fund, as well as the Louisiana Housing Corporation and the Housing Authority of New Orleans. Throughout the assignment, the team also worked to ensure the financing terms were consistent with opportunity zone guidance.
“Commonwealth is thrilled to get this vital project started in Eastern New Orleans,” shared Dan Kroetz, Senior Vice President of Development at Commonwealth Companies. “Our experience with Walker & Dunlop was extremely efficient and the flexibility that Heather Olson and her team showed with this complex transaction was first rate.”
Ms. Olson commented, “Walker & Dunlop is honored to be a part of this fantastic team and to help develop 150 affordable housing units that will be vital to the redevelopment of Eastern New Orleans. Having a strong partner in Freddie Mac allowed us to creatively structure permanent financing that fits well with the four percent LIHTC structure. We are excited for Commonwealth to expand their presence in New Orleans and are thankful for this partnership.”
Once complete, The Reveal will comprise two four-tale apartment buildings with units ranging from one- to four-bedrooms, each with a balcony. Community amenities will include a leasing office, conference rooms, a community room with patio, a fitness center, and a physical therapy room. The Reveal will also include approximately 1,745 square feet of space for an on-site Business Incubator, a community service facility developed as a neighborhood resource. The facility caters to residents, both on-site and within the surrounding neighborhood, who are interested in building small businesses for self-sufficiency.

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LOS ANGELES, CA – Optimus Properties, LLC, a Century City based real estate company, has expanded its footprint in Southern California with a 100-condominium unit acquisition in Van Nuys valued at approximately $21 Million.
Optimus has been deploying capital in larger assets located near major employment centers in greater Los Angeles, including the recent buy of a 38-unit apartment building in Ancient Town Pasadena. But with recent events transpiring from the continued disruption caused by Covid-19.
Joseph Shabani, Principal at Optimus, described the transaction as “a direct result of the team’s ability to both identify value and leverage our relationship with First Republic Bank, to secure an above average yield in a competitive buyer landscape.”
Shabani believes this asset has institutional quality to its charm, with an array of exit strategies. The acquisition, comprised of 100 condominium units, is part of a larger, 161-unit condominium complex.
“We are very excited about our newest acquisition. We were most drawn to the size and resort vibe of the property.” Kamyar Shabani, principal at Optimus, said.
A recent National Multifamily Housing Council report found that 84 percent of apartment households made a full or partial rent payment by April 12th; highlighting the firm’s conviction in the security of multifamily assets driven by strong employment hubs and rental collections.
“Given the asset’s convenient location to the 405 freeway, in addition to its comparatively low price point for the Southern California region, we believe there is significant upside to the deal in the long-term,” said Kamyar Shabani. He notes that “the asset is well-positioned for investors looking to find security amidst market uncertainty and volatility.”

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ATLANTA, GA – McShane Construction Company has successfully completed the construction of Noble Vines at Braselton, a new multi-family residence near Atlanta, Georgia. The development was constructed on behalf of Claret Communities utilizing HUD 221(d)(4) financing. Built with sustainability in mind, it meets the National Green Building Standard Bronze Level.
Moderate-income families can find themselves in a tough spot when it comes to finding housing. Market-rate apartments may be out of their budget while their income is too high to qualify for affordable housing, commented Scott Hoppa, Senior Vice President of McShane s Southeast Region. Through HUD 221(d)(4) financing, Noble Vines will provide moderate-income families with a gorgeous home and fantastic amenities at a price they can afford.
Positioned on nearly 18 acres of land at 1500 Noble Vines Drive, Noble Vines at Braselton features 10 three-tale, wood-frame garden-style apartment buildings incorporating a total of 248 units. Each unit boasts of an open floor plot and integrates attractive tile backsplashes, granite countertops and stainless steel appliances in the kitchen.
The development also incorporates many resident amenities, including a clubhouse with a resident lounge, fully equipped fitness center, expansive sundeck with grilling stations and a resort-style swimming pool. The property also provides tenants with access to a pet washing station, dog park and car wash.
The architect of record for Noble Vines at Braselton is Studio for Housing Design.

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