Walker & Dunlop Completes Two Day Rate Lock on Large Multifamily Financing Commercial lender provides $77.2M loan for apartment complex in California
BETHESDA, Md., July 22, 2014 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) announced today that it provided $77,200,000 in financing for the acquisition of Kirker Creek Apartments by Kennedy Wilson, a global real estate investment and services firm. Walker & Dunlop rate locked the loan 45 hours after receiving a signed application utilizing Fannie Mae's Early Rate Lock execution.
"We are pleased to expand our current portfolio of more than 4,900 apartment units in the East Bay with the acquisition of Kirker Creek Apartments," commented Kurt Zech, president of Kennedy Wilson's Multifamily Management Group. "Walker & Dunlop's due diligence gave us confidence that Fannie Mae's Early Rate Lock execution was the right answer for this transaction and we appreciate their commitment to understanding our business needs."
Los Angeles-based senior vice president, Trevor Fase led the Walker & Dunlop team that structured the loan with a 10-year term and five years interest only. Kirker Creek Apartments is a 542-unit gated garden-style apartment community in Pittsburg, CA that offers amenities including a 24-hour fitness facility, business center, three pools, racquetball courts and picnic areas.
Mr. Fase commented, "Kennedy Wilson established time to rate lock as the key factor in this transaction. This deal was highly competitive and attracted interest from all capital sources, but thanks to our underwriting team and extremely strong partnership with Fannie Mae, we were able to simultaneously underwrite and rate lock this financing in just 45 hours. In a highly competitive acquisitions market where interest rate movements can make or break a deal, this type of execution is what differentiates Walker & Dunlop."
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 Proprietary Capital group develops new financial products and provides institutional advisory, asset management, and investment management services with respect to debt and equity, including bridge financing. Walker & Dunlop, LLC has more than 400 employees located nationwide. For more information about the Company, please visit www.walkerdunlop.com or follow us on Twitter at @Walkerdunlop.
SOURCE Walker & Dunlop, Inc.