Finance

Walker & Dunlop Closes $17M Senior-Housing Loan

Walker & Dunlop, Inc. announced today that it structured a $17,000,000 loan with Freddie Mac for American Orchards, a community offering assisted living and memory care services in Gilbert, Arizona.

Walker & Dunlop’s team, led by Kevin Giusti, Jeff Ringwald, and Bill Jackson, structured the 10-year, non-recourse financing with two years of interest only payments at an attractive interest rate. This structure enabled the client to pay off the existing bank debt and cash out a sizeable amount of equity for future projects.

Chief Operating Officer and Managing Director of American Care Concepts, Casey Balmforth, commented, “Working with Walker & Dunlop through the Freddie Mac refinance program was great. The team guided us seamlessly through the process and helped us strategically take advantage of a strong lease-up at American Orchards. By securing long-term, fixed rate debt through Freddie Mac, we saw an opportunity to better position ourselves in the current market and for future growth opportunities.”

“It was a pleasure working with the team at American Orchards to complete this financing,” remarked Mr. Giusti, senior vice president at Walker & Dunlop. “We were able to recapitalize well over 100 percent of their equity, giving the client ‘dry powder’ for future development projects. Despite the size of the recapitalization, we were still able to achieve very favorable terms. The ownership team has done a remarkable job at American Orchards and we look forward to partnering with them on future projects.”

Completed in June 2016, American Orchards consists of two distinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Building with 35 memory care suites. The property has nurses on-site 24 hours a day and offers an enriching environment with wraparound porches, large windows and skylights for natural light and nature views, on-site library, indoor and outdoor dining areas, and a proprietary wellness program called Soul Purpose. American Orchards is situated near historic Downtown Gilbert, highly-regarded hospitals, and Freestone Park.

In the past five years, Walker & Dunlop’s dedicated team of experts has closed over $3.9 billion of seniors housing and healthcare transactions. Learn more about Walker & Dunlop’s ability to lend on seniors housing and healthcare properties:

About Walker & Dunlop

Walker & Dunlop, headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.

 

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Deals

Walker & Dunlop Closes $50 Million Mod-Rehab Loan for Multifamily Community in Arizona

The property represents Borrower’s first foray into the Phoenix market


Bethesda, Maryland – February 12, 2018 – Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured a $49,628,000 loan for Arrowhead Summit, a 412-unit, Class B property in Glendale, Arizona. The financing was arranged for repeat-borrower, Cortland Partners (“Cortland” or the “Borrower”), and the transaction marks their first investment in the Phoenix metropolitan statistical area.

Managing Director Stephen Farnsworth led the Walker & Dunlop team in arranging the Freddie Mac acquisition financing for the Borrower, who has an outstanding track record with both Walker & Dunlop and Freddie Mac. The financing utilized Freddie Mac’s Mod-Rehab Program, which provides capital for the renovation and repositioning of multifamily assets at very competitive rates. Mike Altman, Chief Investment Officer at Cortland, stated “Once again, Walker & Dunlop and Freddie Mac proved to be outstanding partners in helping us close our first deal in Phoenix. We are thrilled about this acquisition and look forward to not only transforming Arrowhead Summit but also growing our footprint in the greater Phoenix market.”

The loan was structured as a float-to-float execution, which starts with three years of interest-only payments at a floating rate, allowing the borrower to complete planned renovations and upgrades. This initial term is followed by a seven-year floating rate loan with two years of interest-only payments. Approximately $9.2 million has been budgeted for renovations to amenities, exteriors, interiors, and capital improvements, including green upgrades to enhance energy efficiency and reduce future utility costs at the property.

Cortland expects the renovation period to last 22 months and plans to upgrade the unit interiors when each turns over. Once improvements are complete, Arrowhead Summit’s units will feature premium finishes, such as granite countertops, farmhouse sinks and fixtures, new cabinetry, stainless steel appliances, fireplaces, and Nest thermostats. Following the renovations, Arrowhead Summit will offer the highest quality amenity packages and interior units in the local area’s competitive set and the average rents are projected to increase significantly.

Mr. Farnsworth commented, “We are confident that Cortland’s substantial construction, development, and operating experience will ensure a successful repositioning of Arrowhead Summit.” He added, “The Borrower has a fully integrated platform including overseas manufacturing, interior design, construction, and management, which allows them to successfully execute large-scale renovation projects such as Arrowhead Summit.”

Located in Glendale, Arizona, Arrowhead Summit is located just 30 minutes away from downtown Phoenix, which enjoys one of the strongest rent growth rates in the country. Employment growth is also strong in the region, with companies such as PetSmart and Farmers Insurance nearby. Built in 1999, Arrowhead Summit is a garden-style community featuring two swimming pools, a fitness center, clubhouse, picnic areas with barbecue grills, and a sand volleyball court.

Walker & Dunlop, a leader in the conventional multifamily lending space, ranked as the #1 Fannie Mae DUS® Lender in 2017, and the #2 Multifamily Agency lender in 2017*. For more information about Walker & Dunlop’s financing options, visit our website.

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Uncategorized

Walker & Dunlop Finances $190 Million Portfolio for Warmington Properties Inc.

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Commercial Real Estate

Walker & Dunlop Achieves “Top Five” Strategic Goal

Walker & Dunlop, Inc. announced today that it was ranked by the Mortgage Bankers Association as the fourth largest multifamily lender with the U.S. Department of Housing and Urban Development (HUD) in 2016, achieving the Company’s strategic objective set in 2012 to become a top-five loan originator with Fannie Mae (#2 in 2016), Freddie Mac (#3 in 2016), and HUD by 2017.

“We set the ambitious goal of becoming a top-five lender with Fannie, Freddie, and HUD knowing it would require us to dramatically expand our national loan origination platform and significantly broaden our client base,” stated Walker & Dunlop Chairman and CEO, Willy Walker. “It is a testament to the companies we have acquired and team we have assembled at W&D that we were able to achieve this goal within our five-year business plan and generate record transaction volume in 2016 of almost $20 billion.

We have consistently established ambitious growth targets for Walker & Dunlop, and once again, we have accomplished our goal on time and with fantastic financial results.” Last year, Walker & Dunlop financed over $12 billion of loans with Fannie Mae, Freddie Mac, and HUD for a wide range of multifamily property types. For 2016 the Company was named: • Top lender on green properties with Fannie Mae • Top seller in the Southwest region with Freddie Mac • Top seniors housing seller with Freddie Mac

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Deals

Walker & Dunlop’s Team of Harrington and Steffen Close Over $500 Million in Financing During 2016

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.”

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Deals

Walker & Dunlop Executes $75.6 Million Green UpSM, Conversion to Fixed Rate Portfolio

Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it structured loans totaling $75,625,000 with Freddie Mac for four multifamily properties located in Arizona and Texas. Senior Vice President and Managing Director, Alex Inman, arranged the debt placement for the Class B, garden-style apartment complexes.

The portfolio’s four loans were structured at competitive interest rates with 10-year terms and interest-only payment periods ranging from five years to full-term. The executions utilized Freddie Mac’s Green UpSM financing program, which offers favorable rates and generates savings for borrowers whose properties meet certain criteria for reduced energy and water consumption. As one of the top companies utilizing green financing in 2016, Walker & Dunlop continues to encourage borrowers to take advantage of financing options that result in positive effects on the environment.

“I am extremely pleased with the smooth execution of this portfolio,” remarked Mr. Inman. “Our team’s knowledge and experience in executing ‘Green’ transactions with both GSEs allowed us to offer our client the best financing options through Freddie Mac’s Green UpSM program. By implementing this program, we were able to provide long-term, fixed rate financing, which will protect the borrower from the continuing rise in interest rates.”

The properties are conveniently located in urban areas of the Phoenix and Dallas-Fort Worth regions. Qualifying for the Green UpSM program, the apartment complexes are equipped with high-end, energy conserving appliances and a range of amenities including pools, workout rooms, spas, tennis courts, playgrounds, and clubhouses.

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Multifamily

Walker & Dunlop Supports Multifamily Sustainability Initiatives with $1.4 Billion of Green Financing

– Walker & Dunlop, Inc. closed $1.4 billion of loans in 2016 through environmental rewards programs sponsored by the Agencies: Fannie Mae, Freddie Mac, and the U.S. Department of Housing and Urban Development (HUD). These loans qualified for lower pricing and cost savings through a variety of Green initiatives that encourage borrowers to meet specific sustainability guidelines.

Executive Vice President and Multifamily Chief Production Officer, Don King, stated, “The Green rewards programs that the Agencies now have in place underscore their focus on supporting environmentally-friendly properties. Walker & Dunlop has been at the forefront of these initiatives, and as a result, our borrowers have seen significant financial benefits while making positive impacts on their communities.”

Fannie Mae’s Multifamily Green Rewards product offers lower pricing, up to 5% additional loan proceeds, and a free Energy and Water Audit Report. There is no required minimum investment per unit, but borrowers must commit to installing capital improvements that target a 20% or more reduction in the property’s annual energy or water use.

The Freddie Mac Multifamily Green AdvantageSM program provides a variety of options for borrowers to qualify for better pricing and additional loan proceeds. Properties must undergo a Green AssessmentSM which identifies ways that property improvements can save energy or water. The borrower is reimbursed for up to $3,500 of the cost of the report if the loan is financed through Freddie Mac and can obtain better pricing and higher proceeds if they choose to make improvements suggested in the assessment.

HUD has significantly reduced the Mortgage Insurance Premium (MIP) for properties that achieve an industryrecognized standard for Green building. Lender fees are capped on loans that qualify for the Green/Energy Efficient Housing reduced MIP. HUD also sponsors various programs that support sustainability improvements that save money for both property owners and tenants.

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Deals

Walker & Dunlop Originates $47.2 Million in Construction Financing for Aviva Project in Mesa, AZ

Walker & Dunlop, Inc. (NYSE: WD) announced today it originated a $47,159,000 United States Department of Housing and Urban Development (HUD) 221(d)(4) new construction loan for Aviva, a Class A+ multifamily project in Mesa, Arizona. Housing Trust Group, based in Coconut Grove, Florida is the borrower and Aviva marks the first project for the firm in the Arizona market.

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The financing for Aviva is a HUD 221(d)(4) construction to permanent loan that is fully amortizing over 40 years. The program allows for long-term mortgages of up to 40 years that can be financed with Government National Mortgage Association (GNMA) Mortgage Backed Securities. As of June 2016, Walker & Dunlop was the fourth largest U.S. Department of Housing and Urban Development multifamily lender, based on loans closed.
The project, located at 8350 E. Baseline Road, has a total development cost of $63 million and will consist of 325 one-, two-, and three-bedroom apartments in a luxury gated, garden-style community. Construction recently commenced with a scheduled opening in the third quarter of 2018.
The Walker & Dunlop team that arranged the financing was led by Frank Baldasare, senior vice president in the firm’s Atlanta office. Commenting about the transaction, Mr. Baldasare said, “We are pleased to facilitate Housing Trust Group’s expansion into the Arizona market with the financing of Aviva. As a result of our partnership with HUD, Walker & Dunlop was able to meet the loan and interest rate expectations of our borrower.”
Housing Trust Group’s Chief Executive Officer, Matthew Rieger, stated, “Walker & Dunlop’s innovative and flexible financing solutions enabled us to enter the greater Phoenix metropolitan market to build Aviva, a stylish, ‘green’ multifamily community tailored to the area’s working professionals. We’re delighted that Walker & Dunlop shared our vision for creating a unique, walk-able community that caters to various lifestyles and introduces more urban-style living to a historically suburban area.”
Aviva was designed by local architecture firm Biltform Architecture Group and will be certified to the National Green Building Standard™. Amenities will include a large state-of-the-art 9,000 square foot clubhouse with a kitchen, media room, arcade, business center, conference room, fitness center with yoga and spin studios, two pools with cabana beds, hot tubs, fire pits and electric car charging stations. The property will also have extensive green space and outdoor amenities including walking trails, a volleyball court and fit stations, barbecue grilling stations, a dog park, and a playground. Monthly rents will range from $1050 to $1500.
About

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Commercial Real Estate

Walker & Dunlop Grows Capital Markets Team in the Southwest

Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it has hired Jim Pierson and Keaton Merrell as senior vice presidents in its Capital Markets group. Messrs. Pierson and Merrell will be joining Walker & Dunlop’s award-winning Arizona team, led by Brandon Harrington, senior vice president, and Matt Steffen, vice president, in the Company’s Phoenix office.
Walker & Dunlop President, Howard W. Smith, commented, “The outstanding growth in brokered loan originations we have achieved over the past several years is largely due to our success in integrating new originators and teams onto the platform. Jim and Keaton have spent years developing relationships with commercial real estate lenders and owners across the country and we’re excited that they will be bringing their passion and track record of industry expertise to Walker & Dunlop.” Mr. Smith continued, “Our Phoenix team was recently recognized as the top-ranked firm by Ranking Arizona 2016, a testament to the growth and success Walker & Dunlop has seen in that region, and adding two talented originators will further strengthen our platform in the Southwestern United States.”
Prior to joining Walker & Dunlop, Messrs. Pierson and Merrell were Co-Founders and Principals of Legacy Capital Advisors. They have been active in capital advisory services including mortgage brokerage and direct mortgage lending across the country and have provided debt placement for a combined $4 billion during their careers. Messrs.

 

Pierson and Merrell also formerly held positions at Johnson Capital, one of Walker & Dunlop’s largest mortgage banking correspondents until 2014 when the Company acquired its servicing and origination platforms.

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Deals

Walker & Dunlop Closes $9 Million Fannie Mae Loan

Walker & Dunlop, Inc. (NYSE: WD) announced today it structured a $9,000,000 Fannie Mae loan for Autumn Springs Apartments, a 242unit, class B, conventional multifamily property in Columbus, Ohio.

autumn
The loan was structured as a Fannie Mae ten-year fixed rate loan with one-year interest-only, followed by a 30 year amortization schedule. The loan was exempt from Fannie Mae’s lending cap with rents less than 60 percent of area median income. This property is an excellent example of the affordable workforce housing that is currently a major focus for both Fannie Mae and Freddie Mac.
The property was acquired by Capital SMART in 2013. Since then, Autumn Springs Apartments has undergone $3 million in property renovations, including almost $2 million in interior upgrades. Repositioning the property generated tremendous value and provided a great opportunity to recapitalize the bridge debt into a long-term, low rate, Fannie Mae loan.
Vice President, Michael Liefer, led the Walker & Dunlop team. Mr. Liefer stated “Walker & Dunlop is pleased to have provided numerous acquisition/rehab loans to Capital SMART as they expand their portfolio. Capital SMART exemplifies the art of repositioning older assets with expert management, efficient construction, and always having the residents’ best interest in mind.”
Carl Schirtzinger, principal of Capital SMART, commented, “We value our relationship with Michael Liefer and the Walker & Dunlop team, as they lever their deep industry knowledge to provide us with competitive solutions from a wide range of sources. I feel what truly sets them apart is their excellent customer service and their ability to effectively manage the lending process which leads to smooth and timely closings.”
Built in 1972, Autumn Springs Apartments is located approximately 12 miles southwest of downtown Columbus, Ohio and 13 miles from Ohio State University. Residents have access to a magnitude of local shopping centers, including Giant Groceries, Dollar General, and T-Mobile. Property amenities include a picnic area, business center, fitness center, playground, and a swimming pool. As of October 2015, the property was 95.5% occupied.

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Commercial Real Estate

Walker & Dunlop Makes Strategic Investment in Rentlytics

Walker & Dunlop, Inc. (NYSE: WD) and Rentlytics announced today that Walker & Dunlop has made a strategic investment in Rentlytics, a technology platform for owners and managers of multifamily real estate assets. The $9.1 million Series A round of funding led by Walker & Dunlop includes additional participation from both new and existing investors, including Grey Wolf. Rentlytics will use the funding for additional product development and market expansion. The cloud-based business intelligence (BI) software developed by Rentlytics streamlines multifamily management within a single platform, enabling owners and managers of multifamily assets to analyze disparate property and portfolio-related data, such as financial, operational, and marketing information, to make more-informed management decisions. Since their product launch in January 2015, many of the most advanced owners and operators in the multifamily industry have adopted the platform.

willy walker 2015
Walker & Dunlop Chairman and CEO, Willy Walker, commented, “The multifamily real estate space is becoming increasingly dependent on new technology as stakeholders look for ways to simplify and streamline the analysis of large amounts of portfolio data in real-time, a challenge Walker & Dunlop faces in the asset management and servicing of over 4,700 properties. Rentlytics’ software provides an insightful, comprehensive view of the financial and operational performance of a property, and we decided to make a strategic investment in Rentlytics because of the value we see in this platform. Property owners, operators, developers, lenders, and investment sales professionals will find this software powerful and compelling.”
CEO and Co-Founder of Rentlytics, Justin Alanis, stated, “We are excited to be partnering with Walker & Dunlop; their unique market expertise and national scope will be transformative for our business. This new funding will be deployed to advance our vision of delivering a comprehensive business intelligence and analytics platform to the multifamily industry. We are well positioned to continue providing our customers with innovative technologies that help them to better access, understand and apply their data.”

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Deals

Walker & Dunlop Closes a $39.7M Loan for Plaza at Pearl City in Honolulu, Hawaii

Walker & Dunlop, Inc. (NYSE: WD) announced today it closed a $39,691,900 loan for Plaza at Pearl City in Honolulu, Hawaii for repeat borrower, MW Group, LTD.

Pearl-City-in-Honolulu-Hawaii
Managing Directors, Keith Melton and David Strange and Vice President, Russell Dey led the Walker & Dunlop team. This mortgage was structured as a 40-year, non-recourse, fixed rate, permanent loan by using the U.S. Department of Housing and Urban Development (HUD)’s Section 232 Insurance Upon Completion loan program, a variation of the HUD 232 New Construction Program for healthcare facilities.
Mr. Dey commented, “This transaction enabled MW Group to take advantage of the lower conventional rates during construction while ensuring a long-term fixed rate, permanent loan post construction. HUD’s Insurance Upon Completion program afforded immediate access to post-construction financing without the typical HUD three year operational requisite. This loan demonstrates Walker & Dunlop’s ability to find creative capital solutions for our clients.”
Chief Executive Officer of MW Group, Steve Metter, stated, “We appreciated Walker & Dunlop’s efficiency, professionalism, and pricing in the execution of two recently closed HUD transactions totaling over $76,700,000.”
Plaza at Pearl City is a licensed 158-bed, mid-rise, independent living, assisted living, memory care, and short-term respite care facility overlooking Pearl Harbor with a mix of private and companion occupancy suites. Common area amenities include a coffee bistro, game/gathering room equipped with billiards table and card tables, large living room, fitness and therapy room, movie theatre, hair salon, computer lab, library, activity room, and an outdoor courtyard with sitting areas. Some of the many facility services include gourmet restaurant-style dining offered three times a day, a full schedule of activities and wellness programs, weekly house cleaning, linen and laundry services, and ground transportation via the facility’s shuttle van. The facility is located behind the Pearl Highlands Shopping Center and provides residents views of Oahu’s Southern coast as well as convenient access to a variety of dining, shopping, and entertainment, all within a few minutes from the property.
Recently, Walker & Dunlop also closed a $37,037,700 HUD/FHA 232 223(a)(7) loan earlier in the year with MW Group, LTD., for Plaza at Monalua, a 122-unit assisted living facility in Honolulu, Hawaii.

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Commercial Real Estate

Walker & Dunlop Closes $137M Financing for Orange County, Calif. Portfolio

Walker & Dunlop, Inc. (NYSE: WD) announced today it closed four Freddie Mac CME loans totaling $137,896,000 secured by a portfolio of multifamily properties in Orange County, California. The repeat Freddie Mac borrower has significant ownership experience in Orange County, having purchased its first property in the 1970s.
Bill Battaglia and Steve Natale led the Walker & Dunlop team that utilized Freddie Mac’s Index Lock and 150-day Early Rate Lock programs to lock the treasury on the same day the application was received from the borrower and close the loans five months later. These refinances were structured as 10-year fixed rate loans that included five years of interest-only.
Mr. Battaglia stated, “With growing volatility in the treasury market, Freddie Mac’s Index Lock program has become a very critical tool used by borrowers to gain more certainty in their cost of debt and, ultimately, their loan proceeds. Equally impressive is the speed of that execution. In this case the borrower was able to lock the treasury on the same day they submitted their signed application.”
Mr. Natale added, “The borrower received the best of both worlds, locking in a historically low interest rate at their desired proceeds and significantly reducing their prepayment penalty by extending the closing timeframe.”
The portfolio consists of four garden-style multifamily properties with a total of 819 units located in Huntington Beach and Anaheim, California. Amenities across the portfolio include clubhouses, fitness centers, pools, barbeque grills, volleyball courts, basketball courts, and playgrounds. All of the properties are located in highly desirable in-fill locations with easy access to the areas’ employment centers, beaches, and entertainment destinations. Orange County, located approximately half way between San Diego and Los Angeles, is well known for its yearlong warm weather, miles of beaches, and world famous entertainment destinations such as Disneyland.

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Commercial Real Estate

Walker & Dunlop Recognized as the 5th Healthiest Employer in DC Region

Walker & Dunlop, Inc. (NYSE: WD) (“the Company”) announced today that it was ranked 5th by the Washington Business Journal as part of its annual top “40 Healthiest Employers” for the Washington, DC area. This is Walker & Dunlop’s third year to be named a top Healthiest Employer by the Washington Business Journal.

Walker & Dunlop provides employees with a myriad of health and wellness benefits, including discounted membership rates to local fitness chains, annual wellness fairs with free flu shots, and subsidies for employees who complete a monthly quota of wellness activities. Multiple offices feature exercise equipment and ping-pong tables where employees can frequently be found relieving workday stress or getting a boost of energy. In addition, the Company encourages employees to participate in national campaigns such as Breast Cancer Awareness Month, Bike to Work Day, and National Walking Day as well as Company sponsored events, Odyssey Relay Race and JDRF Real Estate Games. On a quarterly basis, Walker & Dunlop provides its employees with educational seminars to inform them of current health and fitness trends.

With the strength and support from the Senior Management team, the Company paid out over $22,000 in wellness reimbursements for Q2 2015 to 197 employees. Senior Management encourages flexible work day schedules to accommodate healthy lifestyles and exercise routines. As employees increase their fitness lifestyles, they have a chance to win an UP Band, Garmin GPS watch, or FitBit through corporate health competitions.

“This recognition is a great honor and reflective of Walker & Dunlop’s employees’ continued commitment to maintaining excellent health and wellness,” commented Walker & Dunlop’s Chairman and Chief Executive Officer, Willy Walker. “Almost half of our employees participate in Walker & Dunlop’s wellness programs, with remarkable returns to both our employees and our corporation’s bottom line. Throughout our ongoing health initiatives, we have created an exceedingly productive and energetic work environment that makes Walker & Dunlop a healthy, and great, place to work.”

Washington Business Journal’s winning employers were chosen based on the companies’ initiatives to promote the health and wellbeing of their employees along with scores in six categories: leadership commitment, communication and markets, foundational components, programming and interventions, strategic planning, and reporting and analysis. This year’s assessment encompassed 65 scored questions that totaled 600 available points. Washington Business Journal’s third party surveying company, Healthiest Employers, also changed the application for the first time this year, making 2015 a very competitive year.

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Commercial Real Estate

Walker & Dunlop Closes $465M Financing for New Senior Investment Group, Inc.

Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today it originated 28 loans totaling $464,680,000, secured by a portfolio of 28 independent living properties acquired by New Senior Investment Group, Inc. (the “Sponsor”).

Vice Presidents Russell Dey and Laura Beaton led the Walker & Dunlop team that closed the portfolio. The properties are located in 21 states with the highest concentration in California, Florida, North Carolina, and Oregon. The loans were structured as 10-year fixed rate CME loans with five years interest-only, followed by a 30 year amortization schedule, utilizing the Freddie Mac Seller/Servicer Program. The properties were sold to the Sponsor by affiliates of Holiday Retirement, the 2nd largest operator of seniors housing in the United States, who will continue to manage the properties post acquisition. The Walker & Dunlop team previously closed a 52-property portfolio for the Sponsor in April 2015.

Chairman and CEO of Walker & Dunlop, Willy Walker, commented, “Walker & Dunlop established a strategy to grow our seniors housing lending business dramatically in 2015, and with this financing, we have done over $1.2 billion of seniors financing this year. This is the second major financing we have done for New Senior this year, reflective of the great partnership we have created with one of the fastest growing seniors housing owners in the industry.”

New Senior Investment Group (NYSE: SNR) is one of the largest publicly-traded owners of senior housing properties, with a portfolio of 152 properties, including independent living and assisted living/memory care, located throughout the country.

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Commercial Real Estate

Walker & Dunlop Welcomes Jeffrey Taschler to the CMBS Lending Platform

Walker & Dunlop, Inc. (NYSE: WD) announced today the addition of Jeffrey Taschler to the Walker & Dunlop Commercial Property Funding (WDCPF) team.

As Chief Operating Officer and Senior Vice President, Mr. Taschler will be responsible for originating commercial financing opportunities for clients nationwide out of the New York office and will report to WDCPF, Chief Executive Officer, Tim Koltermann.

Tim Koltermann commented, “With over 25 years of commercial real estate experience, Jeffrey is an incredible addition to Walker & Dunlop’s CMBS and High Yield platform, and we are very excited to welcome him aboard. His leadership and expertise in bridge, CMBS, and structured financing will advance the team’s capabilities in creating unique loan structures for its clients.”

Prior to joining WDCPF, Mr. Taschler served as managing director at Ladder Capital where he led a team of professionals specializing in the origination of high yield bridge, CMBS, and mezzanine debt. Before Ladder Capital, Mr. Taschler was managing director and head of U.S. lending/originations at UBS Investment Bank. Earlier in his career, Mr. Taschler held multiple positions including senior managing director and head of commercial mortgage lending at Bear Stearns & Company and supervisor for a Deloitte & Touche real estate consulting group.

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Commercial Real Estate

Walker & Dunlop Commercial Property Funding Closes an $18M Loan for Norfolk Commerce Park

Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that Walker & Dunlop Commercial Property Funding (“WDCPF”), the Company’s proprietary CMBS and high yield direct lending platform, closed an $18,000,000 CMBS acquisition loan for Norfolk Commerce Park in Norfolk, Virginia.

The loan was arranged by John B. Levy & Co. and structured as a 10-year fixed rate loan, with 3-years interest only, followed by a 30-year amortization schedule. Additional structuring was used to address multiple termination options and other factors that contributed to early rollover risk.

Geoff Smith, managing director and head of originations for WDCPF, commented, “By collaborating with our client and listening to their wants and needs, we were able to establish a mutually agreeable structure that allowed us to fulfill our client’s request for a CMBS execution despite the property’s challenging rent roll.”

Norfolk Commerce Park was constructed over a four year time and consists of a multi-tenant office and warehouse facility encompassing 331,686 rentable square feet. The property, located within the Central Norfolk submarket, consists of four parcels totaling 21.33 acres of land and is the closest substantial office location to the Norfolk Naval Base, which has attracted numerous defense contractors over the years. Key tenants of the property include URS Federal Services (URS), Federal Express Corporation (FedEx), and ITT Education Services.

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Commercial Real Estate

Walker & Dunlop Refinance Marks 10-Year Anniversary of Hurricane Katrina

Walker & Dunlop, Inc. (NYSE: WD) announced today it recently provided a $15,700,000 refinancing for The Crossings Apartments in Metairie, Louisiana. This refinancing was for the first commercial loan financed by Fannie Mae in the Katrina effected area following the storm in 2005.

Walker & Dunlop utilized Fannie Mae’s Early Rate Lock program to structure the fully leveraged, conventional 10-year loan with a 30-year amortization schedule. Stephen Farnsworth, managing director, stated, “This refinance shows the endurance of New Orleans since Hurricane Katrina and Fannie Mae’s support of this market immediately following the storm, through the national recession and continuing today. As we approach the 10th anniversary of Hurricane Katrina, New Orleans is exhibiting strong growth across all measures and continuing to diversify sectors throughout the city.”

James Favrot, president, Favrot & Shane Companies, Inc., commented, “The recovery and growth of the Greater New Orleans area since Hurricane Katrina has been phenomenal. This has largely been made possible by the faith and support of lenders like Fannie Mae. Favrot & Shane’s long association with Walker & Dunlop has resulted in another successful collaboration at The Crossings Apartments. We greatly appreciate Stephen’s efforts and look forward to further business in the future.”

“We are pleased with the progress that has been made to date in New Orleans since Katrina and we are very proud that Fannie Mae has been part of this overall effort,” said Jeffery R. Hayward, executive vice president of multifamily, Fannie Mae. “We are excited to work with partners such as Walker & Dunlop and Favrot & Shane to finance much needed rental housing in New Orleans and help the region build long-term strength.”

Located in Metairie, The Crossings Apartments is only minutes away from downtown New Orleans and features 10, three-story apartment buildings totaling 247 multifamily units. Residents have access to pools, grilling stations, and security features including access gates and off-street parking.

As a repeat Walker & Dunlop borrower and Fannie Mae client, Favrot & Shane Companies, Inc. is the largest multifamily development and management company in Louisiana. Favrot & Shane has designed and developed or acquired over 9,500 apartment units, as well as a number of suburban office buildings, neighborhood shopping centers, warehouses, and self-storage projects in the New Orleans area. 1st Lake Properties, the sponsor-affiliated management company for The Crossings Apartments, has managed the property for more than 20 years, and currently manages over 9,000 units in the New Orleans MSA where they are headquartered.

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Commercial Real Estate

Walker & Dunlop Announces Expansion of Seattle Office

Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that Mark Plenge was promoted to senior vice president and has relocated to Walker & Dunlop’s Seattle, Washington office to help the Company expand its presence in that region.

Mark Plenge 2011

Cliff Carnes, senior vice president and capital markets western region chief production officer stated, “Our expansion in the Seattle, Washington area is a strategic move to expand the Company’s presence in new and upcoming markets. Mr. Plenge has had remarkable success in California and we expect he will continue on the path of success in the new region.”

Mark Plenge, senior vice president, commented, “I am very excited to be able to continue working with great clients in California while expanding into new geographies in the Western United States. Our continued focus remains our relationship with our clients and ensuring they receive the one on one attention when working with Walker & Dunlop.”

With more than 20 years of experience, Mr. Plenge is responsible for new multifamily and commercial loan originations, primarily on the West Coast.

In recent years, Mr. Plenge has closed over $1 billion in loans for apartment and commercial property owners with Fannie Mae, Freddie Mac, life insurance companies, and commercial banks and has utilized Walker & Dunlop’s Interim Loan Program to provide bridge financing for a number of clients purchasing pre-stabilized assets.

Mr. Plenge will be joining Senior Vice President, Craig Russell, in the Seattle office and will continue to arrange commercial and multifamily real estate financing in the Western states. This move signifies the growth and expansion Walker & Dunlop continues to undergo as it identifies new opportunities within the Western market.

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Commercial Real Estate

Walker & Dunlop & TSB Capital Advisors Originate $50M Loan for Chicago Multifamily Project

Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced it recently closed a $50,000,000 loan for Greenwood Capital Investment’s refinancing of Autumn Chase Apartments, a 550 unit property located in Hoffman Estates, Illinois. The borrower plans to use a portion of the proceeds toward future multifamily development opportunities.

This cash-out refinancing transaction was underwritten with a 10-year term including 9.5 years of yield maintenance and a 30-year amortization schedule. Walker & Dunlop and TSB Capital Advisors (TSB) were able to obtain a waiver whereby Fannie Mae agreed to lend up to 80% of the property value on a cash-out refinance. With recent increases in interest rates, the Company was able to get the borrower in a position to rate lock based on rental collections achieved at the property through March of 2015. Once the collections for April were received, Walker & Dunlop was able to increase the loan proceeds $1.3 million without any added cost to the borrower at the same low rate the borrower obtained four weeks prior.

Leading the Walker & Dunlop team was Managing Director, Will Baker. Mr. Baker stated, “Based on Greenwood’s outstanding track record operating this asset for many years, they were able to access the equity they had accumulated in the project to grow their multifamily development platform. Our outstanding relationship with Fannie Mae and TSB Capital Advisors enabled a seamless transaction.”

Built in 1973 and located in a Northwest suburb of Chicago, Autumn Chase Apartments offers studio, 1- and 2-bedroom apartments. This property has an average occupancy rate of 95% since the borrower took ownership and repositioned the property. The garden-style apartment complex offers community amenities including controlled intercom entry system, garages with automatic door openers, outdoor swimming pool with sundeck, private picnic area, and a tennis court. Hoffman Estates is the headquarters for Sears Holdings Corporation, the Midwest headquarters for AT&T and the American headquarters for Mori Seiki, making it an ideal location for multifamily properties like Autumn Chase Apartments.

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