Walker & Dunlop Structures the Sale and Financing for $58.8 Million Acquisition, Brings New Swedish Investor to the United States
Bethesda, Maryland - January 24, 2017 - Walker & Dunlop, Inc. (NYSE: WD) (the "Company") announced today that it arranged the sale and $35,400,000 acquisition loan for Town University Luxury Apartments, a Class A, multifamily property. Contentus, a Swedish investor, acquired this development in Davie, Florida, one of Ft. Lauderdale's most desirable submarkets. Walker & Dunlop's investment sales platform and Capital Markets team facilitated both the sale and debt origination for Town University Luxury Apartments. This joint effort allowed for a smooth transition from the sale to loan execution.
Leading the Company's Capital Markets team, Al Rex,Marty McGrogan,and Niki Preble worked with Contentus to place the debt assignment and secure a 10-year acquisition loan. Senior Vice Presidents,Chris ConklinandRoberto Pesant, managed Walker & Dunlop's investment sales team. Town University Luxury Apartments marks the first transaction in the United States for Contentus, which reflects an ongoing trend of international borrowers investing in United States commercial real estate with the intent to grow their multifamily asset holdings in a stable economic environment.
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Mr. McGrogan remarked, "The debt execution is a tribute to an exceptional developer who built the finest property in the market, and to an experienced real estate investor who wanted only the best quality asset to match their portfolio in Sweden. With the holidays, everyone had to work diligently to provide for an expedited close before year end."
Contentus' Chief Executive Officer, Rickard Ohlsson, commented, "We are very pleased to take this step. We have had thoughts of an establishment in the South Florida multifamily market for many years and are eagerly looking forward to the opportunities and challenges this will entail. The acquisition fits well into our philosophy to acquire, develop, and manage well-located residential and commercial properties, and contributes to our company's planned increased growth and diversification."
Town University Luxury Apartments commands leading rents in this upscale, multifamily market with its high- end features and prime location. The newly built, best-in-class property consists of 232-units in eight buildings and provides residents with an impressive list of amenities including a steam room with imported Moroccan mosaic tile, cyber café with a social coffee bar and interactive flat screen, and fitness center with state-of-the- art cardio equipment as well as a yoga and virtual spin room. With access to major highways and ample shopping and dining, Town University Luxury Apartments is situated within a prestigious neighborhood and is proximate to Broward County's number one employer, Nova Southeastern University.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate 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 500 professionals in over 25 offices across the nation with an unyielding commitment to client satisfaction.
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Walker & Dunlop Inc. published this content on 24 January 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 February 2017 17:19:06 UTC.