Bethesda, Maryland – March 23, 2017 – Walker & Dunlop, Inc. (NYSE: WD) announced today that its Phoenix, Arizona-based team comprised of Brandon Harrington, managing director, and Matt Steffen, senior vice president, closed or rate-locked 48 loans totaling over $500 million in 2016.
Harrington and Steffen are one of the elite commercial real estate finance teams serving Arizona and the southwestern United States. The team’s focus is on multifamily properties of all types, including market rate, affordable, seniors, and student housing.
Over the course of the year, the team closed loans for 25 different clients through Fannie Mae, Freddie Mac, HUD, CMBS, banks, life companies, debt funds, as well as the Company’s balance sheet. 70 percent of their 2016 loan volume was acquisition financing totaling over $450 million, and $58 million in loan volume was funded through Walker & Dunlop’s balance sheet program, which recently surpassed $1 billion in nationwide lending volume since its inception.
Janet LePage, general partner and chief executive officer of repeat borrower, Western Wealth Capital, stated, “I consider Brandon and Matt, along with the whole Walker & Dunlop team an integral part of my business. In 2016, I closed 14 loans with them and they executed flawlessly on all my financing needs.”
Regarding trends the pair is monitoring, Mr. Steffen noted, “We closed over $300 million in floating rate debt last year with flexible prepayment structures. With interest rates on the rise, we will closely monitor the market to see if this trend continues, or if borrowers transition to more (traditional, longer-term, fixed rate) loan structures. This strategy would serve to mitigate debt costs and capture the benefit of inflation on rental income.” Mr. Steffen further commented, “Either way, floating rate loans will generally remain the most flexible and cheapest cost of capital for borrowers looking to execute business plans over a shorter investment timeline.”
Commenting on the team’s success, Mr. Harrington noted, “We have the pleasure of working with some of the most successful investors and entrepreneurs in the market and are thankful for clients who trust our team to deliver financing time and again.”