BETHESDA, Md., April 30, 2015 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) (the "Company") announced today it closed a $401,930,000 portfolio of loans with Redbrick LMD and David Werner Real Estate Investments (DWREI). The acquisition included three multifamily properties in Fairfax County, Virginia totaling 2,175 garden-style apartment units. The loans were brokered to Walker & Dunlop through Meridian Capital Group and Eastdil Secured.
Brendan Coleman, managing director, and David Redmond, senior vice president, led the Walker & Dunlop team and were able to lock the deals within a week of receiving a signed application, allowing the borrower to capitalize on historically low interest rates.
Chairman and Chief Executive Officer of Walker & Dunlop, Willy Walker commented, "This is a large transaction that was underwritten and rate locked extremely fast to meet the client's demands. The combination of excellent ownership and management along with fantastic assets made this transaction a home run. Walker & Dunlop looks forward to continue working with Redbrick and DWREI as they grow their commercial real estate portfolio across the country."
"Last year we announced a strategic initiative to acquire value-add cash-flowing assets that would complement our robust long-term development pipeline. This acquisition is an excellent fit with that strategy," said Tom Skinner, a Redbrick LMD managing partner. "The long-term debt secured by Walker & Dunlop, at attractive rates with five years of interest only payments, aligns perfectly with our long-term investment horizon for these assets."
The portfolio consists of the Avant in Annandale, VA, Amberleigh Apartments in Fairfax, VA, and The Edgemoore in Alexandria, VA. The apartments include 1-, 2-, and 3-bedroom apartments with community amenities including playgrounds, swimming pools, business centers, tennis courts, nature trails, and dog parks. They are located in high growth areas and should benefit greatly from the planned value-add enhancement program commencing this summer.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States providing financing solutions to owners of multifamily and commercial properties. The Company's Investment Sales platform represents owners in the sale of their apartment communities. Walker & Dunlop, listed in the S&P Small Cap 600 Index, has more than 450 professionals with an unyielding commitment to client satisfaction located in 23 offices nationwide.
SOURCE Walker & Dunlop, Inc.