Walker & Dunlop Provides $6.9M for Independent Movie Theaters in Wisconsin

BETHESDA, Md., Feb. 3, 2015 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) announced today it originated two loans totaling $6,900,000 for Fox Bay Cinema Grill and Oriental Theater in Milwaukee, Wisconsin.

The loans were structured with 10-year terms and underwritten between 67.8% and 76.5% loan-to-value with 1.47x to 1.59x debt-service coverage ratios.  Both loans were secured by two mixed-use assets where the lead tenant at each property is an independent movie theater.

Fox Bay Cinema Grill is a 48,391 square foot independent movie theater that offers patrons the unique movie experience of "dinner and a movie" by serving guests a meal while they view their selected movie. Prior to the movie, guests can enjoy beverages, popcorn, and candy in the lounge area. In addition to the theater, Starbucks and corporate offices are located within this property.

A landmark in the Milwaukee area, the Oriental Theater, now part of the Landmark Theater group, has been operating continuously since 1927.  The Landmark Theater group has grown to 48 theaters, 224 screens in 21 markets. Oriental Theater's movies focus on independent films while offering consumers a variety of amenities including digital projection, concessions, DVD's, and books.  Additionally, a bowling alley and a bar are tenants in the basement of this property. 

Rob Meister, vice president, led the Walker & Dunlop team that secured the refinancing for both theaters.  Mr. Meister commented "Financing assets with independent theaters as anchor tenants is challenging, however, RAIT Financial Trust really dug into this opportunity and realized the perceived risk wasn't reality.  These were solid assets located in strong in-fill locations."

New Land Enterprises develops, owns, and manages condominiums, apartments, and commercial real estate. Tim Gokhman, director at New Land Enterprises stated "Walker & Dunlop did a great job guiding us through the CMBS process."

About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, MD, is one of the premier commercial real estate finance companies in the nation. The firm's scaled lending platform provides customers with a comprehensive suite of financing solutions for multifamily and commercial properties located across the United States. Walker & Dunlop has more than 450 professionals with an unyielding commitment to client satisfaction located in 22 offices nationwide. For more information, please visit www.walkerdunlop.com.

SOURCE Walker & Dunlop, Inc.

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