Walker & Dunlop Arranges $87.3 Million in Construction Financing in First Three Quarters of 2012
BETHESDA, Md., Nov. 15, 2012 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) announced today that it has arranged $87,320,000 in construction financing for two hotels and a mixed-use property during the first three quarters of 2012. As the commercial real estate market continues to heal and demand for new product returns, Walker & Dunlop is helping those customers with the financial wherewithal and foresight to finance their projects.
The most recent financing was for 2001 Clarendon, a Class A mixed-use property in Arlington, VA, which closed in August 2012. The construction loan was structured with a 13-year term with the first 3-years as interest-only, followed by a 30-year amortization schedule. This deal, financed by a major life insurance company, has the unique characteristic of being a far longer term than most construction loans.
2001 Clarendon will offer 154 residential units and approximately 30,000 square feet of retail space on the street level. The property will be located within close proximity to the Courthouse Metro station and will provide unrestricted views of the Washington Monument and the Washington Cathedral from its rooftop pool and garden. 2001 Clarendon is expected to be available for occupancy in April 2014.
Walker & Dunlop's hospitality group arranged financing for Hyatt Summerfield Suites in the first quarter of 2012. The property will be a Class A extended-stay hotel located in the Cumberland Galleria submarket of Atlanta, GA. The financing of Westin Riverfront Hotel, located in Wilmington, DE, closed in the second quarter and will offer 175 guest rooms and adjacent location to the Chase Center. The Westin Riverfront Hotel is the first new hotel to be constructed in Wilmington since the 1980s. Please click here for more information on these two transactions.
Walker & Dunlop Senior Vice President, Capital Markets, Andrew Coleman (301/215-5584, email@example.com) led the Walker & Dunlop team on all the aforementioned transactions.
About Walker & Dunlop
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS®, Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States, securing capital from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Principal Investments group provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity, including interim financing. Walker & Dunlop, LLC has over 400 employees located in 21 offices nationwide. More information about the Company can be found at www.walkerdunlop.com.
SOURCE Walker & Dunlop, Inc.