Walker & Dunlop

Walker & Dunlop Arranges $82M Refinancing Loan for New Multifamily Community in Fort Lauderdale

by Alex Tostado October 28, 2020

FORT LAUDERDALE, FLA. — Walker & Dunlop has arranged an $82 million refinancing loan for The Rise Flagler Village, a 348-unit multifamily community in Fort Lauderdale. The developer and borrower, Rescore Property Corp., which is a private REIT managed by Encore Capital Management, opened the community in April. The property offers studio to three-bedroom floor plans averaging 888 square feet. Communal amenities include a pool, garden area, clubroom, fitness center, yoga room, dog park and a dog washing station. The community also features 4,200 square feet of ground-level retail space and an eight-story parking garage. Rents range from $1,495 per month to $4,525. Eric McGlynn of Walker & Dunlop originated the loan on behalf of Rescore. New York-based Square Mile Capital Management LLC provided the loan.

October 28, 2020

Loans Multifamily Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Provides $25.2M Agency Loan for Refinancing of Lehigh Valley Apartments

by Taylor Williams October 19, 2020

BETHLEHEM, PA. — Walker & Dunlop has provided a $25 million Fannie Mae loan for the refinancing of Bethlehem Fields Apartments a multifamily community located in Pennsylvania’s Lehigh Valley region. The property features one- and two-bedroom apartments and townhomes for a total of 216 residences. John Banas, Kris Wood, John Wilson and Rhett Saltiel of Walker & Dunlop originated the 10-year, fixed-rate loan, which was also structured with three years of interest-only payments. The borrower was Pennsylvania-based Boyd Wilson.

October 19, 2020

Loans Multifamily Texas Walker & Dunlop

Walker & Dunlop Funds $17.8M Loan for Refinancing of Fort Worth Apartment Community

by Taylor Williams October 2, 2020

FORT WORTH, TEXAS — Walker & Dunlop has funded a $17.8 million loan for the refinancing of Constellation Ranch, a 324-unit apartment community in Fort Worth. Built in 2015, Constellation Ranch features one-, two- and three-bedroom floor plans and amenities such as a pool, spa, clubhouse, business center, outdoor grilling areas and a pet park. Stuart Wernick and Matt Newton of Walker & Dunlop originated the financing, which was structured with a 10-year term and a floating interest rate, on behalf of the borrower, Maryland-based RailField Partners.

October 2, 2020

Loans Multifamily New Jersey Northeast Walker & Dunlop

Walker & Dunlop Provides $87.4M Fannie Mae Loan for New Jersey Workforce Housing Portfolio

by Taylor Williams September 18, 2020

NEPTUNE CITY, RED BANK AND MATAWAN, N.J. — Walker & Dunlop has provided an $87.4 million Fannie Mae loan for the refinancing of a 792-unit workforce housing portfolio located in northern and coastal New Jersey. The portfolio includes Brighton Arms Apartments in Neptune City; Grandville Towers in Red Bank; and Tree Haven Apartments in Matawan. John Banas, Kris Wood, John Wilson and Rhett Saltiel of Walker & Dunlop originated the financing on behalf of the borrower, The PRC Group.

September 18, 2020

Content Partner Multifamily Texas Texas & Oklahoma Feature Archive Walker & Dunlop

Multifamily Developers in Houston Focus on Affordability

by Sarah Daniels September 2, 2020

With a historic drop in oil prices amid a global pandemic, fate dealt Houston a bad hand in 2020, to put it mildly. But this is not the first time the city has seen bleak conditions — and faced them down. In 2015-2016, the metropolitan area was throttled by a double whammy of an oil bust and the Memorial Day and Tax Day floods, decimating a full 10 percent of its multifamily housing stock. Yet, by 2020, the city’s job growth exceeded the national rate for the 25th consecutive month, and its multifamily market was set to deliver nearly 17,000 units, double the volume from 2019. Before the oil crash and COVID-19 pandemic hit, Houston’s increasingly diverse economy meant that its fundamentals were strong, and demand was growing for multifamily. Through hurricanes, floods, tornados, boom-and-bust cycles in the oil and gas markets and more, Houston persevered. Houston has one of largest metropolitan populations in the U.S. and is growing, adding more than a million people since 2010. This 2-percent-per-year average growth is more than twice the 0.7 percent average for the United States. Of the 10 largest metropolitan areas, only Dallas-Fort Worth and Houston have been able to grow at …

September 2, 2020

Content Partner Features Multifamily Walker & Dunlop

Pandemic Sends Commercial Real Estate on a Roller Coaster Ride

by Sarah Daniels August 26, 2020

While summer fairs and carnivals are mostly on hold, 2020 has taken us on a wild ride as the COVID-19 pandemic whipsawed the global economy in the first half of the year. The U.S. economy crashed downward in March as shelter-in-place rules drove unemployment to record numbers, surpassing peak levels of the 2008 Great Financial Crisis (GFC) in just one month. U.S. unemployment reached 14.7 percent in April, well above the 10.9 percent peak of the GFC. Including part-time workers who wish to work full-time (the U-6 rate), unemployment reached a staggering 22.8 percent in April. Real GDP fell by 5 percent in the first quarter of the year and by 32.9 percent in the second quarter of the year, the worst decline on record. Politicians scrambled to put a social net under the economy, again quickly surpassing levels of the GFC. The Fed balance sheet swelled by $3 trillion from March to May, more than double the amount during the GFC. Interest rates first spiked as lenders underwrote unforeseen risk, then crashed globally as countries began to backstop their economies. U.S. 10-year treasury yields have remained under 1 percent since early March, the lowest rates on record. But the …

August 26, 2020

Development Florida Loans Multifamily Southeast Top Stories Walker & Dunlop

Walker & Dunlop Provides $67M HUD Construction Loan for Shoma Village Apartments Near Miami

by Taylor Williams August 17, 2020

HIALEAH, FLA. — Walker & Dunlop has provided a $67 million HUD construction loan for Shoma Village Apartments, a 304-unit multifamily community that will be located in Hialeah. The borrower was locally based developer Shoma Group. Shoma Village Apartments will include 11,625 square feet of retail space fronting Hialeah Drive, about 15 miles northwest of downtown Miami. The property will consist of two eight-story residential buildings offering studio, one-, two-and three-bedroom units. Amenities will include a resident clubhouse, pool, fitness center with yoga and spin studios, resident coffee bar, dog park and a private courtyard with grilling stations. The clubhouse spans 7,300 square feet and features a concierge package room, communal kitchen, pool table and terrace area. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop secured the loan through HUD’s 221(d)(4) program, which includes both construction and permanent financing for a project in a single loan. The financing was structured with a fixed interest rate for the two-year construction period and the 40-year amortization schedule. The financing also features a declining prepayment schedule for the initial 10 years post-construction. “The residential urbanization in cities like Hialeah is something we are seeing throughout Florida, and is very similar to …

August 17, 2020

Colorado Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Provides $16.4M HUD Financing for Colorado Skilled Nursing Portfolio

by Amy Works August 13, 2020

ROCKY FORD, PAONIA AND GLENWOOD SPRINGS, COLO. — Walker & Dunlop Inc. has arranged $16.4 million in financing for three skilled nursing facilities in Colorado. The borrower is Madison Creek Partners. The portfolio comprises Pioneer Health Care Center, a 29-unit facility in Rocky Ford; Paonia Care & Rehabilitation, a 28-unit facility in Paonia; and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs. Kevin Giusti led the origination team. The HUD loans will refinance existing debt. Renovated in 1964, Pioneer Health Care Center is the only Veterans Affairs-contracted facility within 80 miles. Paonia Health Care Center is a skilled nursing and memory care facility built in 1984. Glenwood Springs Health Care is the sole skilled nursing facility in its area, located less than a mile from its local medical center, Valley View Hospital.

August 13, 2020

California Loans Office Walker & Dunlop Western

Walker & Dunlop Arranges $8M Refinancing for Orange County Office Property

by Amy Works August 3, 2020

TUSTIN, CALIF. — Walker & Dunlop has secured a $8 million loan for the refinancing of Pointe Red Hill, a single-tenant office building located in Tustin. The borrower is Fortland Inc. Symetra Life Insurance Co. provided the 10-year, fixed-rate loan, which allowed the borrower to refinance the property’s existing debt and implement property improvements, including the installation of solar carports. Grant Robertson and Kevin Dinneen of Walker & Dunlop’s Los Angeles-based team arranged the financing. The two-story, 51,065-square-foot property features an open floor plan with a mix of private suites and conference rooms. Since 2018, an online retail company has occupied the building.

August 3, 2020

Content Partner Features Multifamily Northeast Feature Archive Walker & Dunlop

Coronavirus & Capital Markets: Opportunity in the Midst of Caution

by Sarah Daniels August 3, 2020

Lenders and investors may be a little wary when approaching deals under the shadow of COVID-19, but opportunities to employ capital strategically when market prices are low can make for long-term opportunities. Many in commercial real estate hope to lay significant groundwork, strengthening their economic trajectories whenever the market recovery begins. Keith Kurland, senior managing director at Walker & Dunlop, serves as co-head of the company’s New York Capital Markets practice and spoke to REBusinessOnline about the business of sourcing and structuring debt and equity financing in the midst of coronavirus. Kurland joined Walker & Dunlop in January of this year, after the company acquired AKS Capital Partners, which was co-founded by Kurland in 2019. Coronavirus Conditions & the Impact on Lender and Investor Interest “Given our diverse and multi-sector client base, we are still actively financing almost every product type,” Kurland says. “While some sectors and deal types may be more challenging than others due to the impact of COVID-19, we are still tasked with supporting our clients to make sure that they’re either being defensive or offensive, depending upon the lifecycle of the projects that they’re currently invested in. Our team is currently marketing and under application with …

August 3, 2020

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