Walker & Dunlop Joint Venture with ARA Closes $110M of Loans in Florida, Texas and North Carolina
Walker & Dunlop (NYSE: WD) announced today that it recently financed five properties totaling $110 million through its joint venture with ARA, the country's second largest multifamily investment advisory brokerage firm. The joint venture between ARA and Walker & Dunlop, called ARA Finance, LLC, provided a total of $615 million in financing and sales activity for Walker & Dunlop in 2012. In 2012, ARA brokered the sale of $9.5 billion in multifamily properties, and Walker & Dunlop originated $8.0(1) billion in multifamily financing. The five deals, outlined below and completed in 2012 and 2013, exemplify the strength of the joint venture.
ARA Finance President & COO, Tom MacManus commented, "These deals show the strength of ARA Finance, where two of the largest companies in their respective sector of the multifamily market come together to provide clients with the best execution available."
Walker & Dunlop Senior Vice President, David Gahagan led the Walker & Dunlop team on the acquisition financing for Park Colony Apartments, under Freddie Mac's Capital Markets Execution Program (CME). This property was sold by ARA's office in Boca Raton. Park Colony is a 316-unit garden-style multifamily property located in Hollywood, FL close to I-95 and tri-rail service. The property features a clubhouse, two swimming pools and tennis courts. Walker & Dunlop's careful underwriting, along with the property's strong rental performance helped to mitigate the rising rates and preserve loan proceeds during the challenging interest rate environment prior to closing.
Financing for Polo Glen Apartments, located in Rockledge, FL, was also structured under Freddie Mac's CME program. This property was sold by ARA's office in Orlando to a client who has a relationship with Walker & Dunlop. Polo Glen is a 252-unit garden-style complex that offers one-, two-, and three-bedroom floor plans on over 19 acres. The property features a clubhouse, swimming pool, tennis court and gated entry. Walker & Dunlop Senior Vice President, Stephen Farnsworth led the Walker & Dunlop team.
The refinance loan for Mountain Ranch Apartments, located in Austin, TX, was structured under Fannie Mae's MAH Affordable Preservation Program. The borrower was referred to Walker & Dunlop by ARA's Dallas office. This client acquired a property from the ARA office in Dallas last year which was also financed through the ARA Finance JV. The property is a 196-unit affordable apartment community that is subject to a LURA, in effect until 2030, which requires the property to set aside 100 percent of its units to tenants earning no greater than 60 percent of AMI. Mountain Ranch features one-, two- and three-bedroom units and a swimming pool, fitness center, business center, clubhouse and laundry facility. Walker & Dunlop Senior Vice President, Allan Edelson led the Walker & Dunlop team.
Walker & Dunlop Senior Vice President, Craig West led the Walker & Dunlop team that structured the Freddie Mac CME acquisition financing for The Legends at Preston and Dunhill Trace, two garden-style residential multifamily properties located in North Carolina. These properties were both sold by ARA's office in Charlotte, NC and acquired by clients of Craig West's team with Walker & Dunlop. The Legends at Preston is a 382-unit complex located in Morrisville that offers residents amenities including two swimming pools, a clubhouse, a 24-hour fitness facility and boat/RV storage. Dunhill Trace is a 250-unit development located in Raleigh that features a clubhouse, business center, fitness facility, heated indoor swimming pool and outdoor swimming pool.
To discuss how ARA Finance can help you, please contact Tom MacManus, (561) 999-2084, firstname.lastname@example.org.
(1) Represents the combination of Walker & Dunlop's and CWCapital's multifamily loan originations for the 12 months ended December 31, 2012.
About Walker & Dunlop Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS®, Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States, securing capital from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Proprietary Capital group develops new financial products and provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity, including interim financing. Walker & Dunlop, LLC has over 400 employees located in 21 offices nationwide. More information about the Company can be found at www.walkerdunlop.com.
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