Walker & Dunlop

Walker & Dunlop Arranges Sale of 325-Unit Multifamily Portfolio in Denton

by Taylor Williams April 9, 2020

DENTON, TEXAS — Walker & Dunlop has arranged the sale of Locust 210 Lofts, Victoria Heights, Victoria Station, Victoria Village, The Adagio and Locust Street Terrace Apartments, six apartment communities totaling 325 units and 18,000 square feet of commercial space in Denton. Each of the Class A, mid-rise properties was built between 2009 and 2014, and the portfolio had a collective occupancy rate of 94 percent at the time of sale. Kyle Palmer led a Walker & Dunlop team that brokered the transaction between the buyer and seller, both of which were locally based private equity investors. Jeremy Nussbaum, also with Walker & Dunlop, arranged acquisition financing for the buyer, which will implement $3.2 million in capital improvements across the portfolio, through a national debt fund. Loan terms included a fixed 4.5 percent interest rate, an 80 percent loan-to-value ratio and three years of interest-only payments.

April 9, 2020

Alabama Development Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $51.9M HUD Construction Loan for Apartment Complex in Downtown Huntsville

by Alex Tostado March 16, 2020

HUNTSVILLE, ALA. — Walker & Dunlop has provided a $51.9 million construction loan to Spring Bay Property Co. and RCP Cos. for Eclipse at CityCentre, a planned five-story, 278-unit apartment complex in downtown Huntsville. Walker & Dunlop provided the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) construction program, which includes both construction and permanent financing in a single loan. The two-year term for the construction period is followed by a 40-year, fully amortizing, fixed-rate loan. The property is situated within an Opportunity Zone, meaning the developers are required to hold the asset for at least 10 years in order to not pay capital gains on the investment. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop originated the loan on behalf of the borrowers. Once complete, Eclipse at CityCentre will offer studio, one- and two-bedroom floor plans. The majority of the apartments will feature private balconies. Community amenities will include a heated pool, fitness center, pet walking and grooming area, grilling areas, outdoor fire pit and views of Big Spring Park. A timeline for construction was not disclosed. Eclipse at CityCentre will sit atop 18,000 square feet of restaurant and retail space and …

March 16, 2020

Content Partner Development Features Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Opportunity Zones, HUD: Delivering More Workforce Housing

by Sarah Daniels March 6, 2020

Many of today’s headlines about multifamily housing have focused on the market’s two extremes: homelessness and high-end penthouses. Meanwhile, a crisis has been growing in the “missing middle;” there is a shortage of affordable rental housing for middle-class workers like teachers, firefighters and police officers. In recent years, middle-income families have been struggling with flat wages and rising childcare, education and healthcare costs. Not only are families being priced out of homeownership, but they’re finding fewer rental units in their price range. Indeed, rents have been rising, particularly in cities with booming economies. Nationwide, only 37 percent of all available units rent out at or below $1,200 per month, according to the National Low Income Housing Coalition (NLIHC) Out of Reach report and the Joint Center for Housing Studies of Harvard University. Yet only in 13 states do workers earn an average of at least $22.96 per hour, the amount required to comfortably afford a $1,200/month apartment. Charlotte is short 34,000 affordable housing units and Salt Lake City lacks 54,000. In total, there is a need for hundreds of thousands more affordable rental units. The problem is a matter of supply as well as demand. Formidable obstacles currently impede the …

March 6, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Walker & Dunlop Western

What Does Walker & Dunlop’s New Venture Mean for Multifamily Lending?

by Sarah Daniels February 24, 2020

Walker & Dunlop has entered into a joint venture with commercial real estate data science company GeoPhy to optimize the multifamily valuation process. The new appraisal company is called Apprise, and its goal is a five-day appraisal to accelerate the delivery of capital to real estate operators, Walker & Dunlop’s clients among them. Brad Savage, MAI, CCIM, Chief Product Officer of Apprise, discusses the marriage of data and human expertise in Apprise’s approach to commercial valuation. Apprise’s proprietary platform acts as a co-pilot for its appraisers, making sense of complex datasets and streamlining manual processes. By producing more credible reports in less time, Apprise allows clients to make quicker, more informed investment decisions. Watch the interview to learn how the program works and what it means for the industry.

February 24, 2020

Healthcare Loans Texas Walker & Dunlop

Walker & Dunlop Provides $13M HUD Loan for Refinancing of Skilled Nursing Facility in Lubbock

by Taylor Williams February 14, 2020

LUBBOCK, TEXAS — Walker & Dunlop has provided a $13 million HUD loan for the refinancing of Crown Point Health Suites, a skilled nursing facility in Lubbock. The property was built in 2011 and features 96 units. Kevin Giusti of Walker & Dunlop structured the financing through HUD’s LEAN 232/233(f) program, which provides long-term and reduced-rate financing for specialty healthcare facilities. The borrower was not disclosed.

February 14, 2020

Acquisitions Georgia Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $26M Acquisition Loan for Multifamily Community Near Atlanta

by Alex Tostado February 14, 2020

JOHNS CREEK, GA. — Walker & Dunlop has provided a $26 million Fannie Mae acquisition loan for The Reserve at Johns Creek Walk, a 210-unit multifamily community in Johns Creek. The 10-year loan features five years of interest-only payments. The borrower was JLL Income Property Trust. The Reserve at Johns Creek Walk is situated on nine acres at 6215 Johns Creek Commons, 29 miles northeast of downtown Atlanta in north Fulton County. The property offers one-, two- and three-bedroom floor plans and communal amenities such as a 24-hour cyber café, 24-hour fitness center, conference room, pool, outdoor kitchen, pet spa, playground and a car care center. Jim Cope and Benjy Krosin of Walker & Dunlop originated the loan on behalf of the borrower.

February 14, 2020

Content Partner Development Features Massachusetts Multifamily Northeast Northeast Feature Archive Walker & Dunlop

Can Boston Keep Up with Multifamily Demand?

by Sarah Daniels February 11, 2020

Think Boston multifamily is overbuilt or overheated? Think again. Due to superb fundamentals and a slowing development pipeline, Boston is now regarded as the number one metro area for multifamily investment. From 2019–2030, Boston will need to add 51,007 units to accommodate population growth, an average of 4,637 units per year. Recent development (2014–2017) averaged 3,334 units per year. Population and job growth are expected to remain strong, fueling continued demand for multifamily housing and countering arguments that the Boston market is overbuilt. Many developers nationally are interested in the market. The construction pipeline for multifamily properties features organizations with headquarters as far away as Portland, Phoenix, and Dallas. The Houston-based Hanover Company, for example, has four properties totaling over a thousand units in the Boston development pipeline. Boston is a seller’s market as well, with deals typically attracting multiple bids, and it is easy to see why. For investors, Boston is a market with an average cap rate of roughly 4.5 percent. This is the same cap rate as Raleigh or Central Florida — two markets generally considered to be more volatile than Boston in the case of a recession. A Reliable Hub Becomes a Vibrant City “Historically, people …

February 11, 2020

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop Looks to Modernize the Multifamily Valuation Business with Apprise

by Sarah Daniels February 5, 2020

Technology and data are here to make things easier, faster and more accurate than ever before. However, some industries have lagged behind. This inspired Walker & Dunlop and its data science partner, GeoPhy, to fulfill a need in the market related to multifamily valuation. “We built Apprise because we saw a significant opportunity to improve a critical part of the underwriting and valuation process that has largely gone unchanged for decades,” says Brad Savage, Chief Product Officer for Apprise by Walker & Dunlop. “It is the natural and needed progression of any industry to harness the power of technology to make its practitioners more efficient and more informed. This is something we’re seeing in nearly all industries, except commercial real estate valuation…until now.” Apprise by Walker & Dunlop integrates data feeds and business processes that cover 80 percent of the steps in the traditional appraisal process. This can often result in appraisals in five days or less, compared to up to three weeks for traditional reports. The process is powered by GeoPhy’s Automated Valuation Model (AVM), which automates data feeds and can pre-populate relevant fields, preventing errors or duplicate entries that can happen with manual submissions. Selection bias is also reduced with the …

February 5, 2020

Acquisitions Midwest Ohio Walker & Dunlop

Walker & Dunlop Acquires MSF Real Estate Capital, Establishes Presence in Ohio

by Kristin Harlow February 4, 2020

COLUMBUS, OHIO — Walker & Dunlop Inc. has acquired MSF Real Estate Capital, an independent commercial real estate finance firm. MSF services approximately $925 million of life insurance company loans, substantially all of which will be added to Walker & Dunlop’s servicing portfolio prior to the end of the first quarter. With the acquisition, Walker & Dunlop has expanded its debt brokerage team to Columbus. Jeffrey Morris, Chad Kiner, Scott Moore and A.J. Mangan will spearhead Walker & Dunlop’s first office in the Columbus market. Founded in 1984, MSF has tripled the size of its full-service commercial real estate mortgage banking firm over the past decade. Collectively, the team has closed more than $10 billion in transaction volume throughout their careers.

February 4, 2020

Acquisitions New York Northeast Walker & Dunlop

Walker & Dunlop Acquires AKS Capital Partners

by Alex Patton January 31, 2020

NEW YORK CITY — Walker & Dunlop Inc. has acquired New York City-based capital markets advisory firm AKS Capital Partners. Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz, who lead the 15-person AKS team, will join Walker & Dunlop as senior managing directors and co-heads of the New York capital markets practice. The team will focus on sourcing and structuring financing for all commercial real estate asset classes nationally, as well as expanding Walker & Dunlop’s client base and capital markets capabilities. The sales price was undisclosed.

January 31, 2020

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