BETHESDA, Md., Dec. 19, 2018 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it provided $93,455,000 in short-term financing through its bridge lending program for the acquisition of a four-property multifamily portfolio located in Westerville and Columbus.
Walker & Dunlop's team was led by Sandor Biderman, of the Proprietary Capital group, and Brian Eisner, of the Capital Markets group. Completed on behalf of repeat-client Oro Capital Advisors, the three-year, nonrecourse loan provides planned capital expenditure funding for property rehabilitation and repositioning. Due to complex property ownership transfer requirements in Ohio, the team worked diligently to accommodate a cross-collateralized funding structure.
This transaction is the latest example of Walker & Dunlop's commitment to preserve and develop new housing opportunities in thriving communities across the nation. The funding provided by Walker & Dunlop allowed Oro Capital Advisors to acquire the multifamily portfolio on an expedited timeline with flexible prepayment options and at a competitive rate.
Said Mr. Biderman, "We built our bridge lending program to fill a gap in the marketplace, providing short-term, nonrecourse loans for multifamily properties that are being repositioned as part of a new business strategy. We have now completed approximately $2 billion in bridge loans since the start of the program and – being one of the largest multifamily lenders in the country – we have the expertise to deliver flexible solutions that meet our customers' diverse needs."
As single-family home prices trend upward across the country, secondary markets such as Columbus continue to see steady population and rent growth. In 2017, the Columbus market experienced the second-highest net operating income growth within Walker & Dunlop's multifamily servicing portfolio, and Ohio ranked second on the state level. This is largely due to the area's relatively low cost of living and diversified base of core industries, which include retail and e-commerce, technology, cybersecurity, finance, manufacturing, and automotive.
Each of the portfolio's properties are well-located and poised to capitalize on the positive rent environment, thanks to their location within a metropolitan area exhibiting strong fundamentals.
To learn more about Walker & Dunlop's bridge lending capabilities, see our recent press releases:
- Walker & Dunlop Provides Bridge Financing and Subsequent $57 Million Permanent Loan for Suburban Las Vegas Apartments
- Walker & Dunlop Provides Two Bridge Loans Totaling $75 Million for Large Multifamily Repositioning Projects
About Walker & Dunlop
Walker & Dunlop (WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.
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