Walker & Dunlop

Trademark to Develop 321-Unit Multifamily Project in Downtown Fort Worth

by Taylor Williams December 7, 2023

FORT WORTH, TEXAS — Trademark Property Co. will develop The Vickery, a 321-unit multifamily project that will be located at the corner of Hemphill Street and West Vickery Boulevard in downtown Fort Worth. Designed by GFF and developed in partnership with SCOA Real Estate Partners, The Vickery will consist of 307 apartments, 14 townhomes and a 5,300-square-foot restaurant with a second-story lounge. Residential amenities will include a pool, rooftop lounge, coworking space and two dog parks. First United Bank provided a $61 million construction loan for the project that was arranged by Heather McClure and Jonathan Paine of Walker & Dunlop. Construction is set to begin early next year and to be complete in spring 2026.

December 7, 2023

John Ducey Walker & Dunlop agency financing affordable housing

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

How to Maximize Agency Financing for Affordable Housing

by Sarah Daniels October 24, 2023

There are a variety of ways to build affordable housing, but implementing these strategies has become an increasingly difficult proposition in 2023. Affordable housing projects seem to face challenges on every front. Generally affordable housing developers will: Despite intensifying renter demand for new units, developers are struggling to make their projects financially feasible, says John Ducey, chief production officer in the affordable lending group at Walker & Dunlop. “Affordable housing developers are facing some of the toughest headwinds I’ve seen in more than 20 years in the industry,” Ducey says. “That means developers are forced to work harder than ever to structure deals that stretch scarce housing subsidies and maximize agency financing.” Challenging Conditions One impediment to affordable housing efforts is reduced future rent levels, related to area median income (AMI) caps the Department of Housing and Urban Development (HUD) imposed recently on LIHTC properties in many markets in the United States. The unexpectedly restrictive caps forced developers to slash revenue projections, scuttling some transactions and forcing many loan applicants to renegotiate or seek alternative financing to salvage deals. On the expense side, inflation and the labor crunch continue to drive up costs for new construction, renovation of older affordable …

October 24, 2023

Susan Mello Life Insurance Multifamily quote

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

Investments from Life Insurance Companies May Throw a Lifeline to Multifamily Sector

by Sarah Daniels September 28, 2023

No one in the multifamily sector needs a lecture on the difficulty of financing projects and deals these days. But, when there are challenges in the market, attention to detail and alternative financing can result in a better chance of finding solutions. Considering life insurance companies as viable investors is one example. Insurers often can provide needed liquidity as they search for yield, especially in the multifamily world. Multifamily fell to the same forces that have affected every other commercial real estate (CRE) class. After a buildup of easy money over more than a decade, the zero-interest rate policy in response to the pandemic collapse set asset investment on fire. Prices soared, opportunities were widespread and big leverage was in. “Starting in 2019/2020, you saw a lot of floating-rate bridge money,” says Susan Mello, executive vice president and group head of capital markets at Walker & Dunlop. But as loans came up for refinancing, quick and large Federal Reserve hikes of the benchmark federal funds rate kicked up loan costs everywhere and made penciling a deal difficult, if not impossible. “The rapid rise of interest rates put values in question across the board. That’s exacerbated by how much liquidity there …

September 28, 2023

Loans Multifamily Texas Walker & Dunlop

Nova Capital Arranges $55.8M in Acquisition Financing for Multifamily Property in Weatherford, Texas

by Taylor Williams September 20, 2023

WEATHERFORD, TEXAS — Los Angeles-based Nova Capital has arranged $55.8 million in acquisition financing for The Mark at Weatherford, a 355-unit multifamily property located on the western outskirts of Fort Worth. The financing consists of a $37.8 million Fannie Mae senior loan provided by Walker & Dunlop and $18 million in preferred equity from Los Angeles-based Tryperion Holdings. The complex was constructed on an 11.5-acre site in 2021 and was 94 percent occupied at the time of sale. The Mark at Weatherford offers a mix of one-, two-and three-bedroom floor plans and amenities including a pool, outdoor grilling and dining stations, business center, dog park and a fitness center. Steven Yazdani of Nova Capital arranged the debt on behalf of the borrower, Darwin German Real Estate.

September 20, 2023

Affordable Housing Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Provides $35.6M Agency Loan for Refinancing of Brooklyn Affordable Housing Portfolio

by Taylor Williams September 7, 2023

NEW YORK CITY — Walker & Dunlop has provided a $35.6 million Fannie Mae loan for the refinancing of a portfolio of eight affordable housing buildings totaling 251 units in Brooklyn’s Williamsburg neighborhood. Frank Cassidy and John Gilmore of Walker & Dunlop worked alongside New York City Housing Preservation & Development and the New York City Housing Authority to secure the financing, which was structured with a fixed interest rate, 35-year amortization schedule and five years of interest-only payments. The borrower, Grower Housing Development Fund Corp., will use $8 million of the proceeds to fund capital improvements and preserve the portfolio’s affordability status.

September 7, 2023

Loans Multifamily Oregon Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $15.2M Refinancing for Waterhouse Ridge Memory Care in Beaverton, Oregon

by Amy Works September 7, 2023

BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the borrower. The loan will be seasoned for two years before a planned refinancing under the U.S. Department of Housing and Urban Development’s 232 Program.

September 7, 2023

Acquisitions Illinois Midwest Multifamily Walker & Dunlop

Walker & Dunlop Arranges $35M Sale of Apartment Building in Chicago

by Kristin Harlow August 29, 2023

CHICAGO — Walker & Dunlop has arranged the sale of The Arcade Residences in Chicago for $35 million. Built in 2019, the property features 58 apartment units and 9,643 square feet of retail space. Todd Stofflet and Jason Stevens of Walker & Dunlop represented the seller and developer, Borecki Real Estate. The sale represented one of the highest-priced sales per door in Chicago, according to Walker & Dunlop. The Arcade Residences is located on the border of the city’s Edgewater and Rogers Park neighborhoods, directly adjacent to Loyola University. Amenities at the property include a tenant lounge, fitness center and rooftop deck. Over 90 percent of the retail space is leased by tenants such as Bank of America and Verizon.

August 29, 2023

Multifamily Markets Navigate Challenges Alex Virtue

Acquisitions Build-to-Rent Content Partner Features Loans Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Multifamily Owners Navigate Challenges, Opportunities Arising from Capital Markets

by Sarah Daniels August 24, 2023

When Zelman & Associates’ 2023 Virtual Housing Summit opens in September, Alex Virtue will take the stage as a newly appointed managing director who has been charged with expanding the firm’s investment banking coverage of multifamily and other commercial real estate property sectors. Virtue joined the institutional research advisory and investment firm in May with over two decades of experience in mergers and acquisition transactions and capital raising across real estate sectors in both the public and private capital markets. His resume includes senior positions with Merrill Lynch, Eastdil Secured/Wells Fargo Securities, CBRE Capital Advisors and Xebec, an industrial developer and asset manager. Zelman & Associates, founded in 2007, was acquired by Bethesda, Md.-based commercial real estate finance and advisory firm Walker & Dunlop in 2021. “My focus at Zelman and Walker & Dunlop is broadening the firm’s reach on entity-level transactions in multifamily and related housing sectors such as single-family rentals, built-for-rent, student housing, affordable housing and manufactured housing communities, as well as other commercial real estate sectors,” says Virtue “I would characterize my concentration as bringing traditional banking investment expertise, knowledge and services across the Walker & Dunlop platform and working with my colleagues to bring these advisory …

August 24, 2023

Loans Midwest Multifamily Seniors Housing Walker & Dunlop Wisconsin

Walker & Dunlop Arranges $16M in Acquisition Financing for Two Assisted Living Properties in Metro Milwaukee

by Kristin Harlow August 21, 2023

MUSKEGO AND OAK CREEK, WIS. — Walker & Dunlop has arranged $16 million in HUD-insured loans for the acquisition of two assisted living properties in metro Milwaukee. Kevin Giusti and Daniel Barone of Walker & Dunlop arranged the financing on behalf of the borrower, a developer. The first property is Caring Alternatives of Muskego, a 30-unit community located on Pioneer Drive in Muskego. The second is Caring Alternatives of Oak Creek, a 45-unit property located on 13th Street in Oak Creek.

August 21, 2023

Loans Multifamily New Jersey Northeast Walker & Dunlop

Walker & Dunlop Provides $6.7M Agency Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams August 17, 2023

BOUND BROOK, N.J. — Walker & Dunlop has provided a $6.7 million Fannie Mae loan for the refinancing of The Vibe, a 28-unit apartment complex located in the Northern New Jersey community of Bound Brook. The 10-year, interest-only loan retires existing construction debt. The Vibe offers 12 one-bedroom apartments and 16 two-bedroom apartments. The borrower was New Jersey-based Reynolds Asset Management.

August 17, 2023

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