Walker & Dunlop Structures $72.2MM in Bridge, Conduit and Mezzanine Financing Commercial finance company structures diversified financing for Gulf Coast multifamily portfolio
BETHESDA, Md., Aug. 26, 2014 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured $72,198,000 in bridge, conduit and mezzanine financing for the acquisition of six properties located in Louisiana and Texas.
New Orleans-based managing director, Stephen Farnsworth, Tim Koltermann, CEO of Walker & Dunlop's CMBS platform, and proprietary capital chief production officer, Sandor Biderman, led the teams that structured the financing for Key Real Estate Company, a repeat Walker & Dunlop borrower that currently manages and owns over $300 million in multifamily assets and has a portfolio that includes over 2,200 apartments and over 25,000 square feet of commercial space.
The team structured $35,398,000 in adjustable rate bridge financing across three loans at 87 percent loan-to-cost with a 24-month term and a 12-month extension option. The loans are cross-collateralized and cross-defaulted and secured by three multifamily properties located in Texas and Louisiana.
The $31,423,000 fixed rate conduit loan was structured at 71 percent loan-to-value with four years interest only and a 30-year amortization. Behind the conduit loan, Walker & Dunlop arranged and co-invested in a $5,377,000 mezzanine loan matching the term and structure of the conduit loan.
Jeff Goodman, EVP of the proprietary capital group, commented, "This financing demonstrates the breadth of Walker & Dunlop's capabilities, which enabled us to customize three distinct financing structures into a seamless execution to meet our client's needs. Having this broad menu of products, and teams of originators, underwriters, attorneys and closers working together to get to the finish line, gives Walker & Dunlop a distinct advantage in the marketplace."
Tim Koltermann commented, "The team we have assembled for our expanded commercial lending operation is fantastic, as demonstrated by our performance for Key on this pool. We are very excited about the future of this business and winning and funding a sophisticated financing like this is a great statement for Walker & Dunlop as we continue to expand our commercial lending business."
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, MD, is a leading provider of commercial real estate financing solutions nationwide. Our comprehensive suite of financing solutions allows us to originate loans for our own balance sheet, CMBS conduit, and investment partnerships, or for sale to Fannie Mae, Freddie Mac, HUD, life insurance companies, banks and other CMBS providers. Walker & Dunlop has more than 400 employees located in 20 offices nationwide. For more information, please visit www.walkerdunlop.com and follow us on Twitter at @Walkerdunlop.
About Walker & Dunlop Commercial Property Funding
Walker & Dunlop Commercial Property Funding, LLC is Walker & Dunlop, Inc.'s (NYSE: WD) proprietary CMBS lending platform that provides first mortgage loans, high yield whole loans, mezzanine debt and preferred equity for properties located nationwide. For more information, please visit www.walkerdunlop.com and follow us on Twitter at @Walkerdunlop.
SOURCE Walker & Dunlop, Inc.