Walker & Dunlop Arranges $93 Million in Financing for Portfolio of Mixed-Use Properties in Washington, DC
BETHESDA, Md., Oct. 4, 2012 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) (the "Company") announced today that its subsidiary, Walker & Dunlop, LLC, recently arranged $93,000,000 in financing for Norman Jemal, for a portfolio of mixed-use properties located in Washington, DC.
The portfolio consists of four properties totaling 257,000 square feet located in the Chinatown neighborhood in the Northwest quadrant of the nation's capital. The properties feature close proximity to the Verizon Center and all five Metro lines.
Deutsche Bank provided the $55 million in permanent financing for the 119,000 square-foot building at 800 F Street NW and the 35,000 square-foot property at 425 7th Street NW. The loan was structured with a 10-year term and underwritten to a 66 percent loan-to-value. The building located on F Street contains the International Spy Museum along with nine apartments and tenants that include Varian Medical Systems, Washington Media and Ziemba Waid Public Affairs. The property at 425 7th Street is comprised of a cluster of three-story buildings with office and retail space and features restaurants, Carmine's and Luke's Lobster.
RBS Citizens provided the $38 million in interim financing for 704-718 7th Street NW and 726-738 7th Street NW/702 H Street NW, totaling more than 100,000 square feet in several buildings. The loan was structured with a 5-year term, including extension options and underwritten to a 48 percent loan-to-value. Douglas Development houses its headquarters in the space.
Walker & Dunlop Senior Vice President, Capital Markets, Sandor Biderman (301/215-5597, email@example.com) led the Walker & Dunlop team.
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. Walker & Dunlop's proprietary Interim Loan Program provides financing for multifamily properties that do not currently qualify for permanent financing. 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.
SOURCE Walker & Dunlop, Inc.