NEW YORK, April 24, 2017 /PRNewswire/ -- Blackstone
Mortgage Trust, Inc. (NYSE: BXMT) and Walker & Dunlop, Inc.
(NYSE: WD) today announced that they have entered into a joint
venture to originate, hold and finance multifamily bridge loans.
Walker & Dunlop, one of the nation's largest nonbank
originators of Fannie Mae, Freddie Mac and U.S. Department of
Housing and Urban Development loans, will contribute 15% of the
venture's equity capital and BXMT will contribute 85%. The
joint venture's floating rate, first mortgage loan product targets
assets prior to their eligibility for permanent agency
financing. This comprises an addressable market estimated to
be upwards of $20 billion.
Steve Plavin, BXMT's Chief
Executive Officer, said, "Walker & Dunlop's market leading
multifamily and agency loan footprint makes it an ideal partner for
us as we seek to help borrowers bridge their financing until an
agency take out. We are very excited about the increase in
investment volume that the joint venture will provide for
BXMT."
Walker & Dunlop Chairman and CEO, Willy Walker, said, "The JV with BXMT will allow
us to significantly expand our bridge lending business better
serving our client base's vast demand for capital and unlocking
growth potential commensurate with the scale of our agency
origination business."
About Blackstone Mortgage Trust
Blackstone Mortgage
Trust (NYSE: BXMT) is a real estate finance company that originates
senior loans collateralized by commercial real estate in
North America and Europe. Our investment objective is to
preserve and protect shareholder capital while producing attractive
risk-adjusted returns primarily through dividends generated from
current income from our loan portfolio. We are externally managed
by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further
information is available at www.bxmt.com.
About Blackstone
Blackstone (NYSE: BX) is one of the
world's leading investment firms. Blackstone seeks to create
positive economic impact and long-term value for its investors, the
companies it invests in, and the communities in which it works.
Blackstone does this by using extraordinary people and flexible
capital to help companies solve problems. Blackstone's asset
management businesses, with over $360
billion in assets under management, include investment
vehicles focused on private equity, real estate, public debt and
equity, non-investment grade credit, real assets and secondary
funds, all on a global basis. Further information is available at
www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About Walker & Dunlop
Walker & Dunlop (NYSE:
WD), 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 550 professionals in 28 offices across the nation with an
unyielding commitment to client satisfaction.
Forward-Looking Statements
This release may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which reflect
Blackstone Mortgage Trust's and Walker & Dunlop's current views
with respect to, among other things, Blackstone Mortgage Trust's
and Walker & Dunlop's respective operations and financial
performance. You can identify these forward-looking statements by
the use of words such as "outlook," "indicator," "believes,"
"expects," "potential," "continues," "may," "will," "should,"
"seeks," "predicts," "intends," "plans," "estimates," "anticipates"
or the negative version of these words or other comparable words.
Such forward-looking statements are subject to various risks and
uncertainties. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially
from those indicated in these statements. Blackstone Mortgage Trust
and Walker & Dunlop believe these factors include but are not
limited to those described under the section entitled "Risk
Factors" in their respective Annual Reports on Form 10-K for the
fiscal year ended December 31, 2016,
as such factors may be updated from time to time in its periodic
filings with the Securities and Exchange Commission ("SEC") which
are accessible on the SEC's website at www.sec.gov. These factors
should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in the filings. Blackstone Mortgage Trust and
Walker & Dunlop assume no obligation to update or supplement
forward‐looking statements that become untrue because of subsequent
events or circumstances.
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SOURCE Blackstone Mortgage Trust, Inc.; Walker & Dunlop