BETHESDA, Md., March 19, 2019 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it provided $45,200,000 in financing for two parcels
of land in Boca Raton and
Miami, Florida. Miami-based Eric
McGlynn and Kevin
O'Grady, both Managing Directors in the company's capital
markets group, arranged the nonrecourse loans, effectively lowering
interest rates on each property's existing land loan.
The first loan, totaling $33,000,000, was provided on behalf of Property
Markets Group (PMG) for the parcel of land that will host the new
Waldorf Astoria Hotel & Residences Miami located at 300
Biscayne Boulevard. The hospitality project is being developed by
PMG, along with joint venture partners Greybrook Realty Partners
and S2 Development. Once complete, the luxury hotel and condo tower
will comprise 98 stories with a 140-key hotel and approximately 400
condo units. The project was designed by Sieger Suarez Architects
as a stack of glass cubes.
The Walker & Dunlop team identified BridgeInvest as an ideal
lender for the project, structuring the loan to allow for the
finalization of approvals and the launch of condo sales. With its
flexible terms, the interest-only, nonrecourse financing provides
the developer the option to exit with limited prepayment
penalties.
The second of the two refinancings totaled $12,200,000 for 130 acres in central Boca Raton that formerly played host to the
Mizner Trail Golf Club, a public golf course. The property is owned
by an affiliate of Compson Associates, which has entitled the land
for a 255-unit residential development consisting of a mix of
single-family and townhomes. As the property's existing loan was
nearing the end of its term, the Walker & Dunlop team secured
new financing from New Gables Capital at a lower interest rate. The
loan is full-term interest-only and provided the owner with an
additional 12 months to complete predevelopment activities.
Said McGlynn, "Both loans were similar in that they were
refinancing existing land loans that achieved a better cost of
capital for the borrower. Also, both projects had a very
significant amount of cash equity investment which gave the lenders
comfort that the developers would see these projects through and
ultimately repay the loans."
Walker & Dunlop's McGlynn and O'Grady have been active in
structuring nonrecourse loans for all property types nationwide,
including land, multifamily, and hospitality. The team also focuses
on identifying providers of equity, structured debt, and portfolio
financing for developers and value-add owners and operators. As a
team, they have closed in excess of $16
billion of debt and equity transactions.
Walker & Dunlop is a leader in the commercial real estate
finance space and has been included in Fortune Magazine's
Fastest-Growing Companies List for two consecutive years. The
Fortune rankings are based on three-year growth in revenues,
earnings per share, and total shareholder return. The rapid growth
of the company's Capital Markets group contributes to this ranking;
the company completed $8.6 billion in
brokered loan originations with over 235 different capital
providers in 2018, a 17 percent increase in volume from 2017. To
learn more about Walker & Dunlop's diverse array of financing
options, visit our website.
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. 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/walker--dunlop-arranges-45-million-for-south-florida-land-refinancings-300815171.html
SOURCE Walker & Dunlop, Inc.