Procorem Marketplace was officially launched in November 2020 in the middle of the COVID-19 pandemic. In the context of all of us working remotely, with in-person conferences being replaced with virtual options, Procorem Marketplace was introduced as a viable, virtual alternative to affordable housing developers who are looking for funding sources.
Robin Smith and Austin Turner, long-time consultants with Oregon-based developers, heard about the Marketplace and decided to try it for new projects they spearheaded for their clients in 2020. After submitting project information, Robin and Austin were matched with Walker & Dunlop, a prominent commercial real estate brokerage firm with a heavy focus on affordable housing. After an initial meeting in November 2020, Tim Cotter, Director of Capital Markets in Walker & Dunlop, followed up with a team of experts from both within and outside Walker & Dunlop to present the entire capital stack for Robin and Austin’s project.
Fast forward 16 months, on February 11, 2022, Robin and Austin closed on Kentonwood Apartments, a 44-unit, 4% LIHTC, multi-family project, located in Portland, Oregon. The deal was made possible with permanent financing by Walker & Dunlop, tax credit equity by CREA, and construction financing by Sterling Bank, all of which were sourced through Walker & Dunlop.
If you are an affordable housing developer looking for funding sources, try Procorem Marketplace today!
How Procorem Marketplace Works
- Submit your project information in 24, simple data fields at www.procorem.com/marketplace.
- Within 24 hours, you and a matching funding provider will be invited to a new Procorem WorkCenter to collaborate.
- The funding provider will provide a term sheet and will take you through the underwriting and closing process.
There is no cost for this service and no requirement for you to sign up for anything else.
Procorem Marketplace is where you can find various financing options for your projects throughout the lifecycle of an affordable housing asset. Try it today and get your project funded!