Thursday, January 23, 2025
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Walker & Dunlop

AcquisitionsGeorgiaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Closes $44.3M Acquisition Financing for Multifamily Community in Gainesville, Georgia

by Alex Tostado

GAINESVILLE, GA. — Walker & Dunlop provided a $44.3 million Freddie Mac acquisition loan for Century New Holland, a 348-unit multifamily community in Gainesville. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, car care detailing area, bocce ball court, picnic areas and grilling areas. The asset is located at 1465 Jesse Jewell Pasrkway NE, two miles north of downtown Gainesville and 57 miles northeast of downtown Atlanta. Centennial Holding Co. acquired the property from the undisclosed seller. Brian Moulder, Chris Goldsmith and Sean Williams of Walker & Dunlop represented the buyer in the sale transaction. Taylor Williams of Walker & Dunlop originated the fixed-rate loan, which features five years of interest-only payments.

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IllinoisLoansMichiganMidwestMultifamilySeniors HousingWalker & Dunlop

Walker & Dunlop Provides $37M in HUD Financing for Three Senior Living Facilities in Illinois, Michigan

by Kristin Harlow

AURORA AND KANKAKEE, ILL. AND NOVI, MICH. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan. Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill. Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s Lean 232/223(f) refinance program. The permanent financing for The Grove Fox Valley will replace existing debt previously provided by Walker & Dunlop’s bridge lending program. The permanent financing for WellBridge of Novi and Asbury of Kankakee enabled each of the property owners to refinance both their current bank and partnership debt.

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Phoenix Multifamily Housing
ArizonaContent PartnerDevelopmentFeaturesMultifamilyWalker & Dunlop

Focus on Phoenix: Multifamily Sector Shows Promise Despite Turbulence

by Sarah Daniels

Just over a decade ago, a booming Phoenix market experienced a confluence of trends — rampant overbuilding, followed by a national economic crisis that meant a spike in unemployment and a near halt in population growth. One of the biggest commercial real estate downturns in the region’s history soon followed. Ten years later, however, the picture was quite different. Prior to the COVID-19 outbreak, Phoenix multifamily metrics were solid through the first quarter of 2020 and supported by some of the strongest employment and household growth in the nation. In 2019, Phoenix added more than 82,000 new jobs — a 3.3 percent increase, the second highest job growth in the country.1 The economy today is much more diverse than it was 10 years ago during the last downturn. Workers can now choose among a variety of corporate, financial, education-based and tech employers while enjoying a lower cost of living than their peers in other metropolitan areas. Ultimately, Phoenix is better positioned than it was a decade ago; the Phoenix of today is grounded in a broader and more sustainable mix of favorable long-term market conditions. These characteristics, coupled with the region’s year-round sunshine, have made Phoenix an attractive place to …

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residences-at-oella
District of ColumbiaLoansMultifamilySoutheastTop StoriesWalker & Dunlop

Walker & Dunlop Provides $2.4B Fannie Mae Refinancing for Multifamily Portfolio in Metro D.C., Largest Loan in Company’s History

by Alex Patton

WASHINGTON, D.C. — Walker & Dunlop Inc. has provided a $2.4 billion Fannie Mae loan to refinance a 67-property multifamily portfolio in the Washington, D.C., metro area. The borrower is Virginia-based multifamily owner and manager Southern Management Corp. (SMC). The portfolio includes 22,439 units in total, more than 60 percent of which qualify as affordable housing. The loan package features staggered maturities across a mix of fixed- and floating-rate, full-term, interest-only financing. “This $2.4 billion Southern Management transaction gave us the opportunity to partner with one of our top DUS lenders, Walker & Dunlop, using the credit facility, one of our most flexible financing products, to structure a winning solution for the borrower while delivering affordability to the Washington, D.C.,” says Jeffery Hayward, executive vice president of multifamily at Fannie Mae. The loan represents the largest transaction in Walker & Dunlop’s history, according to a statement from the company. “Walker & Dunlop’s creativity, tenacity and market knowledge resulted in a superior execution for this large and complex transaction amidst the uncertainty of a rapidly unfolding financial and health crisis,” says Suzanne Hillman, president and CEO of SMC. Brendan Coleman, Chris Forte and Connor Locke led a Walker & Dunlop team …

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Mark Strauss Walker Dunlop
Content PartnerDevelopmentFeaturesIndustrialLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWalker & DunlopWestern

Walker & Dunlop: Rent, Lenders, Tech in the Midst of Coronavirus

by Sarah Daniels

In recent weeks, the ability of commercial real estate owners to access debt and equity has come into question as the novel coronavirus wreaks havoc on the economy. While some deals in the pipeline are still getting done, the debt markets took a pause as the pandemic took hold. Debt markets were waiting for clarity on how various sectors would react, according to Mark Strauss, managing director of capital markets, and Rob Quarton, director of capital markets, with Walker & Dunlop’s Irvine, Calif., office. The two recently spoke with REBusinessOnline via Zoom about the robustness of certain asset types, market stability, debt pricing and adoption of tech-heavy creativity in the wake of COVID-19 and its effects on commercial real estate nationwide. Commercial Real Estate Debt & Coronavirus Strauss and Quarton primarily work with institutional capital sources that provide capitalization for commercial real estate developers and owners. As such, they have a broad view of all debt markets and their willingness to fund. Debt funds are one of the most affected areas of the financial markets. “The way that debt funds finance their position behind the scenes — either using collateralized loan obligations (CLOs), bank warehouse lines or repo facilities — …

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AcquisitionsMultifamilyTexasWalker & Dunlop

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

by Taylor Williams

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.

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AlabamaDevelopmentLoansMultifamilySoutheastWalker & Dunlop

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

by Alex Tostado

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 …

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Rob Rotach Walker Dunlop
Content PartnerDevelopmentFeaturesMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern

Opportunity Zones, HUD: Delivering More Workforce Housing

by Sarah Daniels

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 …

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Finance InsightMidwestMultifamilyNortheastSoutheastTexasThought LeadershipVideoWalker & DunlopWestern

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

by Sarah Daniels

  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.

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HealthcareLoansTexasWalker & Dunlop

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

by Taylor Williams

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.

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