Walker & Dunlop Provides $278M Fannie Mae Credit Facility 44 days from rate lock to closing for long-time borrower
BETHESDA, Md., May 12, 2014 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) announced today that it provided a $278 million Fannie Mae Credit Facility (Facility) for Milestone Apartments REIT (TSX: MST.UN). Andrew Tapley led the Walker & Dunlop team that structured the financing with full-term interest only. The Facility consisted of a mix of fixed and variable rate notes with staggered maturities collateralized by 20 multifamily properties located in Arizona, Florida, Georgia, Tennessee and Texas.
Walker & Dunlop structured the original facility for Milestone in 2005 and added additional assets to the facility in 2008. Walker & Dunlop moved exceedingly fast to provide Milestone with significant flexibility on when to lock-in the facility's interest rate, and then took only 44 days to close the facility from rate lock.
"Walker & Dunlop has been a valued business partner of Milestone for nearly ten years. We appreciate working with a lender that understands our market opportunity and business strength, and can move quickly to help improve our financial flexibility as we pursue our growth objectives," said Rob Landin, CEO of Milestone Apartments REIT, and managing partner of The Milestone Group. "We look forward to continuing our relationship with Walker & Dunlop."
"Milestone is a long-standing, important customer of Walker & Dunlop's and we are delighted to have closed this Facility for them with Fannie Mae," said Howard Smith, COO at Walker & Dunlop. "We have worked on this portfolio for years and each time have taken steps to ensure that we structure a loan that meets Milestone's strategic needs. We look forward to continuing our relationship with Milestone and providing them with the financing to continue to grow their multifamily portfolio."
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 in offices nationwide. For more information about the Company, please visit www.walkerdunlop.com or follow us on Twitter at @Walkerdunlop.
SOURCE Walker & Dunlop, Inc.