Thursday, January 23, 2025
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Walker & Dunlop

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Content PartnerFeaturesLeasing ActivityMidwestMultifamilyOfficeRetailSoutheastTexasWalker & DunlopWestern

Walker & Dunlop: U.S. Economy Displays Long-Term Signals for Recovery, Growth

by Sarah Daniels

Back to Normal? The U.S. economy has improved significantly since April 2020, the peak of the pandemic-induced recession. The national unemployment rate stood at 6.0 percent in March of this year, well below the peak of 14.8 percent in April 2020. Companies were effective in implementing work-from-home technology, keeping unemployment rates for office-based service sectors relatively low. For those with a bachelor’s degree or higher, unemployment rates were only 3.7 percent as of March 2021. In 2020, third-quarter GDP growth made up much of the second-quarter losses, followed by 4 percent annualized economic growth in the fourth quarter. Retail sales also rebounded quickly, returning to pre-pandemic levels by June and continuing to increase through the beginning of 2021. However, the U.S. economy is still far from “normal.” Of the 22 million people who lost jobs in March and April 2020, only 57.8 percent had regained employment by March 2021. Stronger growth should return jobs to industries hit hardest during the pandemic. In March of this year, restaurants and bars added 176,000 jobs; arts, entertainment and recreation venues added 64,000 jobs and accommodations added 40,000 jobs. Still, employment in the overall leisure and hospitality sector is down by 3.1 million, or 18.5 …

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Keaton Merrell BFR
Build-to-RentContent PartnerFeaturesLoansMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasWalker & DunlopWestern

Build-for-Rent Space May Outperform Conventional Multifamily on Occupancy, Rents

by Sarah Daniels

The past few years have seen a surge in interest in single-family rental (SFR) and build-for-rent (BFR) spaces in commercial real estate. Traditionally the domain of small- and medium-sized investors, the SFR/BFR space has begun to attract institutional investors. BFR, in particular, can often offer higher occupancy levels and rents while promising lower capital and operating costs than traditional multifamily housing. Keaton Merrell, managing director, Capital Markets, Walker & Dunlop, spoke to REBusinessOnline about debt and equity in BFR, as well what to know when it comes to agency involvement. First, Merrell briefly clarifies the terminology: “Oftentimes, people use SFR and BFR interchangeably. They are two totally separate asset classes and are looked at differently by capital. SFR is defined as a cluster of homes in various geographies that are pooled together for investment purposes. BFR is purpose-built housing within contiguous rental communities, much like traditional multifamily properties.” For a more in-depth look at the SFR and BFR in general, read more on the asset class here. REBusinessOnline: What is the current state of debt and equity capital in the market when it comes to BFR? Merrell: I will start with equity and then move on to debt. The equity that is coming into the …

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Build-to-RentMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasVideoWalker & DunlopWebinarWestern

Webinar: Everything You Need to Know About the Single-Family Rental & Build-For-Rent Market

by Sarah Daniels

  On Apr. 7, France Media hosted the “Everything You Need to Know About the Single-Family Rental & Build-For-Rent Market” webinar, sponsored by Walker & Dunlop. The single-family rental (SFR) and build-for-rent (BFR) space has generated excitement throughout the commercial real estate world. This webinar brings together five expert panelists to answer the most pressing questions for this asset class: what to know about SFR and BFR verticals, issues and trends within the space, the sudden influx of institutional capital and where things might go from here. Click to hear more. See a list of some topics covered below: SFR and BFR markets definitions/size Factors driving growth (including changing demographic trends, COVID-19), occupancy levels and the most active markets SFR/BFR rental rates and the pipeline of new supply in the asset class Institutional capital/availability of financing/investment market layout for the SFR/BFR space Overview on managing and maintaining SFR/BFR products and portfolios Panelists: David Howard, National Rental Home Council (moderator) Keaton Merrell, Walker & Dunlop Mark Peterson, SVN | SFRhub Advisors Don Walker, John Burns Consulting Jon Ellenzweig, Tricon Residential Webinar sponsor: Walker & Dunlop strives to be the premier commercial real estate finance company in the country by providing financing solutions and investment sales to owners of …

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LoansMidwestMultifamilyOhioWalker & Dunlop

Walker & Dunlop Arranges $55.5M in Financing for Development of Multifamily Project in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Walker & Dunlop Inc. has arranged $55.5 million in construction and permanent financing for the development of Quarry Trails Apartments and Quarry Trails Townhomes and Flats in Columbus. Thrive Cos. is developing the 293-unit multifamily and 100-unit townhome project within a decommissioned quarry. The development is positioned within a natural park and rests alongside a 60-foot waterfall, a 160-foot vertical rock face and more than two miles of riverfront trails. Plans also call for the development of an office building, 20,000 square feet of retail space and a community center. Jeff Morris, Chad Kiner and A.J. Mangan of Walker & Dunlop’s Ohio Capital Markets group arranged the financing through two local banks. A timeline for construction was not disclosed.

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Build-to-RentDevelopmentFinance InsightLeasing ActivityMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasVideoWalker & DunlopWestern

Walker & Dunlop: SFR/BFR Rapidly Growing Option for Rental Spaces

by Sarah Daniels

  The strength of multifamily has been well solidified over the past few years, but a new contender in the rental market is making waves, according to Kris Mikkelsen, executive vice president, Walker & Dunlop Investment Sales. Single-family rental (SFR) and build-for-rent (BFR) spaces are growing increasingly popular. An SFR is a group of homes-for-rent pooled together for investment purposes BFR properties are purpose-built housing operated as SFR investments “SFR is in the distributed model: individual homes managed by tech-driven management platforms that were the formation of the single-family REITs you see in existence today. The build-for-rent space existed pre-COVID but has really been accelerated post-COVID as the end consumer looks to de-densify,” says Mikkelsen. Much of the demand has been driven to more suburban markets, with COVID-19 creating a sudden and palpable need for space among renters. Other factors — including declining home ownership rates and the high demand for multifamily options — have all contributed to the growth of this asset class and subsequent interest from larger institutional investors. Watch Mikkelsen’s interview to learn about demand for SFR/BFR space and changing renter demographics accelerating the growth of this asset class. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to …

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Kris Mikkelsen BFR SFR multifamily
Build-to-RentContent PartnerFeaturesFinance InsightMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasWalker & DunlopWestern

Walker & Dunlop: Single-Family Rental and Build-for-Rent in High Demand

by Sarah Daniels

A number of factors are driving an increase in demand for single-family rental assets. Declines in home ownership rates, increasing demand/short supply for multifamily options and baby boomer renting preferences have made renting these single-family properties an increasingly popular choice. Meanwhile, COVID-19 spurred increases in teleworking that created a desire for additional space in the home and allowed more people to move to suburban locations — accelerating demand for single-family rental properties. Seeing the growing demand and increasing rents in the single-family rental (SFR) and build-for-rent (BFR) sector, Walker & Dunlop has created a new team — Walker & Dunlop SFR & BFR Practice Group — to provide investors information on construction, bridge lending, permanent financing, equity structuring and property sales, for a market estimated at $3.4 trillion (compared to $3.5 trillion for the multifamily market).1 Popularity, high occupancy and increasing rent rates have drawn the attention of larger investors to SFR and BFR assets, according to Kris Mikkelsen, executive vice president of investment sales with Walker & Dunlop. “Currently, larger investors make up less than 2 percent of the SFR market, which has been traditionally governed by individuals or small-scale parties. But that number will increase as investors recognize …

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AcquisitionsFloridaLoansOfficeSoutheastWalker & Dunlop

Walker & Dunlop Arranges $61.3M Acquisition Loan for Bank of America Tower in Downtown Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged $61.3 million in financing for the acquisition of Bank of America Tower, a 44-story office building located at 50 N Laura St. in downtown Jacksonville. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Ianno, Sean Bastian and Ian Hawk of Walker & Dunlop arranged the financing for the buyer, Group RMC. Prime Finance provided the three-year, interest-only bridge loan, which features a low floating interest rate. Bank of America Tower is the only LEED-certified office tower in Jacksonville, according to Walker & Dunlop, and features views of the St. Johns River. The Class A high-rise building features over 662,241 rentable square feet, a five-story annex with an additional 35,881 square feet, as well as 900 parking spaces. In addition to a new HVAC system, recent upgrades have been made to the property’s amenities, lighting systems, security systems, elevator modernization, and refurbishment of all the common areas and lobby. Group RMC bought the tower from Hertz Investment Group, according to the Jacksonville Daily Record.

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LoansMidwestOfficeOhioWalker & Dunlop

Walker & Dunlop Arranges $30.5M Loan for Acquisition of Office Tower in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Walker & Dunlop has arranged a $30.5 million loan for the acquisition of 65 East State Street in Columbus. Built in 1983, the 26-story office tower comprises 494,487 rentable square feet. Located in the heart of the central business district, the building is across the street from the Ohio State Capitol Building on Capitol Square. Recent capital improvements to the property include an exterior façade renovation, a new conference center and fitness center, updated lobby and elevator cabs, renovated exterior patio space and new monument signage. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz arranged the loan on behalf of Group RMC. Voya provided the three-year bridge loan, which features a floating rate.

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Company NewsMultifamilyStudent HousingTexasWalker & Dunlop

Walker & Dunlop Acquires Austin-Based FourPoint Investment Sales Partners

by Taylor Williams

AUSTIN, TEXAS — Walker & Dunlop has acquired FourPoint Investment Sales Partners, an Austin-based brokerage firm specializing in student housing and traditional multifamily properties. The FourPoint team of Chris Epp, Chis Bancroft, Kevin Dufour, Matthew Chase, Craig Miller and Kyle Peco will lead and scale Walker & Dunlop’s student housing investment sales division, with a goal of growing sales volume to $25 billion by 2025 for the Maryland-based company. The two firms have partnered as correspondents on student housing deals in the past.

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Walker & Dunlop Arranges $205M Refinancing for Hudson Research Center in Manhattan

by Kristin Harlow

NEW YORK CITY — Walker & Dunlop Inc. has arranged a $205 million loan for the refinancing of Hudson Research Center in Manhattan’s Midtown West neighborhood. Located along the Hudson River at 619 W. 54th St., the Class A life sciences and medical office property spans 320,000 rentable square feet. Originally built in 1930 as a film-editing house for Warner Brothers Pictures, the Art Deco property came to be known as The Movie Lab Building. Taconic Partners purchased the asset in October 2012 and undertook a capital improvement plan, including creating several floors of research space; updating the building’s façade, interior and crown; and adding tenant amenities such as bike storage and private showers. In 2017, Taconic recapitalized the asset with Silverstein Properties Inc. Since the end of 2013, the number of life sciences jobs nationally has increased by 70,000 per year, according to Walker & Dunlop. Demand for well-located, modernized life sciences and medical office space has soared nationally amid industry growth and lack of available product, adds the finance company. A Walker & Dunlop team led by Aaron Appel and Keith Kurland arranged the loan, with Square Mile providing the funds. The interest-only financing features a floating rate, …

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