BETHESDA, Md., Nov. 6, 2013 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) ("the Company") announced today that it has entered into a joint venture with an affiliate of a fund managed by Fortress Investment Group (NYSE: FIG) to form a CMBS lending platform to provide financing for multifamily and commercial real estate properties nationwide. The venture, to be named Walker & Dunlop Commercial Property Funding, LLC, will provide first mortgage loans on all commercial property types. In addition, the venture will originate high yield whole loans, mezzanine debt, and preferred equity. The joint venture will be headquartered in New York City and overseen by Tim Koltermann, a 25-year industry veteran in commercial loan originations, CMBS trading, loan pricing and structuring, and CMBS securitization.
"Walker & Dunlop finished 2012 as the 10th largest commercial real estate lender in the United States and third largest multifamily lender as a major partner to Fannie Mae, Freddie Mac, and HUD," commented Willy Walker, Walker & Dunlop's Chairman and CEO. "This new initiative with Fortress Investment Group allows us to leverage our scaled origination, underwriting, servicing and asset management infrastructure to offer an alternative capital source for all commercial real estate asset classes. Over the past year, Walker & Dunlop has expanded to 20 offices across the country, and this new venture will provide our clients with a significantly diversified proprietary lending platform to meet their financing objectives."
Jeff Goodman, EVP of Walker & Dunlop's proprietary capital group, commented, "We raised Walker & Dunlop's first large-scale, institutionally-backed debt vehicle in August focused on multifamily and seniors housing bridge loans, and have been deploying that capital ever since. The addition of this CMBS and high yield platform, under
Tim Koltermann's leadership and in partnership with Fortress, is a terrific step in the continued expansion of Walker & Dunlop's product lines. We expect to issue loan applications as early as January, 2014, and are projecting an initial origination target of
$1 billion in the first year of operation."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV