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LENEXA, KAN. — Walker & Dunlop has arranged $29.6 million in federal Low-Income Housing Tax Credit equity for Canyon Creek East, an affordable housing development in the Kansas City suburb of Lenexa. The borrower, MRE Capital, plans to use the funds to finance 40 percent of the project’s total development costs. Jennifer Erixon led the Walker & Dunlop Affordable Equity team that arranged the equity.
Canyon Creek East will comprise 212 units across five buildings. The community will target households earning between 30 and 80 percent of the area median income. Apartments will come in one-, two-, and three-bedroom layouts. A development timeline was not disclosed.