Walker & Dunlop, Inc. 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. The financing was secured on behalf of long-time client Aspen Square Management.

Walker & Dunlop Capital Markets Real Estate Finance arranged the transaction, securing a single 10-year, fixed-rate, interest-only loan through a new Tier 3 Fannie Mae credit facility. The facility is collateralized by five quality workforce housing communities. The team leading the transaction included Connor Locke, Harvey Pava, Brendan Coleman, and Skye Stansbury.

Connor Locke, managing director of Capital Markets Real Estate Finance at Walker & Dunlop, emphasized the strategic value of the deal. "This transaction reflects the strength of our longstanding relationship with Aspen Square and Fannie Mae," said Locke. "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. In 2025, Walker & Dunlop was recognized as the largest Fannie Mae DUS lender by volume for the seventh consecutive year, originating nearly $19 billion in Agency volume that year.

Walker & Dunlop arranged a $191 million refinancing for Project Dutch Lion, a diversified portfolio of 19 office assets located across eight municipalities throughout the Netherlands. The transaction, which closed at 55% loan-to-value, consists of $134.5 million refinancing and a $57 million accordion facility for future acquisitions and portfolio growth. The debt capital was secured from U.K.-based insurer Aviva Investors, the global asset management business of Aviva plc.

Financing Details

The financing was arranged on behalf of Time Equities (TEI), a privately held global real estate investment, development, and asset management company headed by Francis Greenburger. The deal was led by Claudio Sgobba and Patrick Smith of Walker & Dunlop. The refinancing was completed to replace existing debt and provide TEI with additional flexibility to execute its long-term asset management strategy.

Portfolio Overview

Project Dutch Lion comprises approximately 1.5 million square feet of net internal area across 19 office assets strategically located throughout the Netherlands, including Amsterdam, The Hague, Utrecht, Rotterdam, Arnhem, Apeldoorn, and other established regional office markets. The portfolio benefits from significant geographic and tenant diversification, with occupancy of approximately 90% and more than 65 tenants spanning government, professional services, healthcare, technology, logistics, and other sectors.

Sustainability and Strategy

Sustainability has been a key component of the portfolio’s value creation strategy. All assets hold Dutch energy ratings of A or higher, with more than half achieving A+ or better. These credentials far exceed the Netherlands’ minimum office energy requirements and position the portfolio well as occupiers continue to demand energy-efficient workplaces. The sponsor has invested in building upgrades, amenity enhancements, and operational improvements designed to support tenant retention, leasing velocity, and long-term asset relevance.

Stakeholder Commentary

"Successfully arranging long-term financing for a large-scale Dutch office portfolio in today’s market requires a lender that understands both the strength of the underlying real estate and the sponsor’s long-term business plan," said Claudio Sgobba, senior managing director and co-head of Capital Markets EMEA at Walker & Dunlop. "Project Dutch Lion represents a highly diversified portfolio with strong occupancy, substantial government-backed income, and excellent sustainability credentials. Aviva Investors recognized the quality of the assets and TEI’s proven track record as an owner and operator, resulting in a financing solution that supports both the existing portfolio and future growth initiatives."

"This financing demonstrates Time Equities’ continued growth and long-term investment strategy in Europe," said Aaron Medeiros, director at TEI. "We expect to be very active in the coming year with a focus specifically in the Netherlands, Belgium, and the UK. Claudio Sgobba and Patrick Smith not only met our financing objectives but exceeded in both terms and quality of lender with a new institutional lending relationship with Aviva."

"As we continue to grow our activity in Europe, we are focusing on engaging with high-quality sponsors which can combine a longer-term investment horizon with a strong focus on energy efficiency and sustainability," said Gregor Bamert, head of Real Estate Debt at Aviva Investors. "We think Time Equities is an excellent example of this and we are delighted to be working with it on this refinancing."