Walker & Dunlop

Walker & Dunlop Provides $27.9M Acquisition Loan for Affordable Housing Community in Orlando

by Alex Tostado August 14, 2019

ORLANDO, FLA. — Walker & Dunlop has provided a $27.9 million Freddie Mac acquisition loan for Brooke Common Apartments, a 288-unit affordable housing community in Orlando. The borrower is Avanath Capital Management. Half of the units, which are spread out over 38 garden-style buildings, are reserved for those making 60 percent of the area median income (AMI), while 5 percent of the units are reserved for those making 55 percent of the AMI. Brooke Commons Apartments is located 13 miles north of downtown Orlando and offers communal amenities such as a swimming pool, playground, fitness center, volleyball court, business center and a clubhouse. The seller was not disclosed.

August 14, 2019

Company News Texas Walker & Dunlop

Walker & Dunlop Enters Houston Market

by Taylor Williams August 7, 2019

HOUSTON — Walker & Dunlop, a commercial real estate finance and brokerage firm based in Bethesda, Md., has expanded its platform by adding five debt and equity finance professionals in Houston. Mike Melody, Tom Melody, Tom Fish, Paul House and Jonathan Paine, formerly with JLL, will join Walker & Dunlop and comprise the firm’s first office in Houston, where they will be responsible for securing financing for commercial owners and developers across the Southwestern United States.

August 7, 2019

Development Hawaii Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $40.6M in Financing for Keahumoa Place Apartments in Hawaii

by Amy Works June 20, 2019

EWA BEACH, HAWAII — Walker & Dunlop has structured $40.6 million in financing across four loans for Keahumoa Place Apartments, a multifamily housing community under development in Ewa Beach on Oahu. The Michaels Organization, the borrower, is developing the master-planned community. Located 20 miles west of Honolulu, the garden-style project will be built on previously vacant, state-owned land and provide much-needed affordable housing options. Once completed in 2021, Keahumoa Place Apartments will consist of 320 one-, two- and three-bedroom units in 37 two-story buildings across 20 acres of land. Community amenities will include a garden space, picnic area, pet park and community center with multi-purpose room and computer lab. The property will also feature solar panels with efficient energy storing and sharing technology to reduce the project’s carbon footprint, as well as lower utility costs for residents. Kyle Peterson and Michael Liefer of Walker & Dunlop structured the financing through Freddie Mac’s Tax-Exempt Loan and Unfunded Forward Commitment programs, allowing the borrower to lock in interest rates through the entire term of each 16-year loan. The Walker & Dunlop team worked closely with the borrower, the Hawaii Housing Finance & Development Corp. and Hawaii’s Attorney General to complete the multi-phased …

June 20, 2019

Acquisitions Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Negotiates $80M Sale of Apartment Complex in Sarasota, Florida

by Alex Tostado May 6, 2019

SARASOTA, FLA. — Walker & Dunlop has arranged the $80 million sale of The DeSota, a 180-unit apartment complex in Sarasota. The property includes 15,000 square feet of retail space, as well as amenities such as a swimming pool, outdoor kitchen, clubroom, bike storage, amenity deck, health center and a fitness center. The seller was Atlanta-based Carter, which also developed the property. Brian Moulder of Walker & Dunlop arranged the transaction on behalf of the buyer, Bluerock Residential, and seller.

May 6, 2019

Colorado Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $52M Refinancing for Colorado Seniors Housing Portfolio

by Amy Works April 17, 2019

COLORADO SPRINGS AND CENTENNIAL, COLO. — Walker & Dunlop has structured $52 million in financing to refinance three seniors housing properties totaling 196 units in Colorado Springs and Centennial. The three properties are owned by a partnership between MorningStar Senior Living and an alternative investment fund manager based in the Middle East. MorningStar Senior Living manages the properties. The financing includes: • $21 million for MorningStar at Jordan, a three-story, 84-unit assisted-living and memory care facility in Centennial • $17.7 million for MorningStar at Mountain Shadows, a two-story, 64-unit assisted-living and memory care property in Colorado Springs • $13.2 million for MorningStar at Bear Creek, a 48-unit property specializing in Alzheimer’s patients Stuart Wernick, Jeff Ringwald and Bill Jackson of Walker & Dunlop arranged the loans, which featured a 10-year term, fixed interest rate and interest-only payments for a portion of the term.

April 17, 2019

Acquisitions Georgia Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $47M Sale of New Multifamily Community in Atlanta’s West Midtown

by Alex Tostado April 15, 2019

ATLANTA — Walker & Dunlop has arranged the $47 million sale of Westside Heights, a 282-unit multifamily community in West Midtown Atlanta. The asset was built in 2017 and is located near the Atlanta BeltLine. The property offers one- and two-bedroom floor plans and features community amenities such as a complimentary continental breakfast and coffee bar, swimming pool, clubhouse, fitness center, conference room, rooftop lounge and package receiving services. Pat Jones and Chris Goldsmith of Walker & Dunlop represented the buyer, Canadian-based Starlight U.S. Multi-Family, in the transaction. The seller was not disclosed. David Gahagan and Niki Perez, also with Walker & Dunlop, arranged acquisition financing through a life insurance company on behalf of the buyer.

April 15, 2019

Florida Loans Mixed-Use Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $45.2M Refinancing for Two Parcels in South Florida

by John Nelson March 21, 2019

MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property’s existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. PMG, Greybrook Realty Partners and S2 Development are co-developing the 98-story building that will feature 140 hotel rooms and approximately 400 for-sale condominiums. BridgeInvest provided the non-recourse, interest-only loan that gives the developers the option to exit with limited prepayment penalties. The second loan, which was for 130 acres in Boca Raton, totaled $12.2 million. The land is the former site of Mizner Trail Golf Club, a public golf course. The owner of the land, Compson Associates, is planning to develop a 255-unit residential development consisting of townhomes and single-family homes. New Gables Capital provided the non-recourse loan that gives the borrower 12 additional months to complete predevelopment activities.

March 21, 2019

Georgia Loans Office Southeast Walker & Dunlop

Walker & Dunlop Arranges $44.3M Refinancing Loan for Office Park in Metro Atlanta

by Alex Tostado March 11, 2019

MARIETTA, GA. — Walker & Dunlop Inc. has arranged a $44.3 million refinancing loan for Marietta Technology Center, a 347,500-square-foot office park in Marietta. Mark Strauss and Rob Quarton of Walker & Dunlop represented the borrowers, Praelium Commercial Real Estate and South Street Partners, in arranging the seven-year, fixed-rate loan with interest-only payments. The refinancing covers the asset’s four, single-story buildings, which were built between 1983 and 1985. The office park is situated at 2161 New Market Park Way, about 16 miles northwest of downtown Atlanta.

March 11, 2019

California Features Multifamily Walker & Dunlop Western Western Feature Archive

Expect Multifamily Debt Market to Grow Overall in 2019, Says Walker & Dunlop’s Jeff Burns

by Taylor Williams February 28, 2019

SAN DIEGO — While agency volume may decrease slightly in 2019 due to tougher energy conservation standards in green lending programs offered by Fannie Mae and Freddie Mac, the multifamily debt market overall is expected to grow this year, according to a veteran mortgage banker. Jeff Burns, managing director at Walker & Dunlop’s Walnut Creek, Calif., office, spoke to REBusinessOnline at the MBA 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo. The event, held at the Manchester Grand Hyatt San Diego, took place Feb. 10-13. Although the 10-year Treasury yield is down about 50 basis points since reaching 3.2 percent in early November, most economists expect long-term rates to rise in 2019. (Investor worries over trade conflicts, a volatile equities market and falling oil prices led to a precipitous drop in the yield on the benchmark Treasury note.) Burns, who is responsible for new loan origination in California and the western United States, discussed trends in agency lending as well as the state of the multifamily market. What follows are his edited responses: Rebusinessonline.com: What trends are you seeing in agency financing for the multifamily sector in the western region? Jeff Burns: Fannie Mae and Freddie Mac continue to …

February 28, 2019

Arizona Hospitality Loans Walker & Dunlop Western

Walker & Dunlop Structures $40M in Financing for 136-Key AC Marriott in Tucson, Arizona

by Jeff Shaw February 18, 2019

TUCSON, ARIZ. — Walker & Dunlop has structured $40 million in financing for the AC Hotel by Marriott Tucson Downtown, located at 151 E. Broadway Blvd. in Tucson. The borrower is Tucson Urban. Completed in fall 2017, the eight-story hotel features 136 guest rooms and was the first hotel built in downtown Tucson since the early 1970s, according to Walker & Dunlop. Hotel amenities include a fitness center, rooftop pool and 1,847 square feet of meeting space. Jim Pierson and Keaton Merrell of Walker & Dunlop’s Phoenix office, in collaboration with Alison Williams and Matt Baldwin of Walker & Dunlop’s Tampa, Fla., office, arranged the 10-year cash-out loan, which features three years of interest-only payments, through a CMBS provider.

February 18, 2019

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