Walker & Dunlop Arranges $157 Million Loan with Affinius Capital and Clarion Partners for SLC Mixed-Use Development
28 November 2023 - 10:30PM
Business Wire
Walker & Dunlop, Inc., Affinius Capital LLC (“Affinius
Capital”) and Clarion Partners announced today that they arranged
$157.5 million in loan proceeds to refinance Post District, a Class
A mixed-use complex in downtown Salt Lake City, Utah. Post District
is part of a three-phase project and consists of 580 residential
units across four buildings with approximately 26,000 rentable
square feet of retail space.
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Post District Residences (Photo: Business
Wire)
The Walker & Dunlop New York Capital Markets team, led by
Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam
Schwartz, Keith Kurland, and William Herring, co-originated the
loan with Affinius Capital and Clarion Partners. The teams arranged
the transaction on behalf of Bridge Investment Group and Lowe
Property Group to repay the existing debt, fund future costs to
complete the construction, and repatriate equity to the client as
the project continues the lease-up of its newly delivered
units.
"We are proud to have provided exceptional terms in
collaboration with our partners for Bridge Investment Group, a
valued client," said Sean Reimer, managing director of Capital
Markets at Walker & Dunlop. “Post District will drive downtown
Salt Lake City’s evolution, while the competitive financing package
will unlock immediate value for the future of the Sponsor’s
opportunity zone platform."
“The Property features multiple buildings that cater to
different tenant profiles and has leased up extremely well due to
the high-quality amenities and mixed-use nature of the project
encompassing an entire city block. Affinius Capital is delighted to
do our first deal with Bridge Investment Group and Lowe Property
Group, and we look forward to doing more business with them in the
future,” said Tom Burns, managing director at Affinius Capital.
Post District represents an unparalleled walkable commercial and
residential corridor located in the most sought-after neighborhood
in Salt Lake City. Its diversified unit mix and building program
feature dynamic architecture, spacious apartments, and thoughtful
community amenities to appeal to young professionals and families
continuing to flock to downtown Salt Lake. Serving as Salt Lake's
next great expansion, Post District’s expansive programming is a
draw for renters, especially those with high-paying jobs in and
around downtown, including those who commute to tech jobs in
Lehi.
Walker & Dunlop is a leader in multifamily property sales,
having completed nearly $20 billion in property sales volume in
2022. The firm is also one of the top providers of capital to the
U.S. multifamily market. Over the same period, Walker & Dunlop
originated $44 billion in debt financing volume, including lending
over $36 billion for multifamily properties. To learn more about
our capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
About Affinius Capital LLC
Affinius Capital® (previously known as USAA Real Estate and
Square Mile Capital Management) is an integrated institutional real
estate investment firm focused on value-creation and income
generation. With a 40-year track record and $33 billion in net
assets under management, Affinius has a diversified portfolio
across North America and Europe providing both equity and credit to
its trusted partners and on behalf of its institutional clients
globally. For more information, visit www.affiniuscapital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231128385409/en/
Investors: Kelsey Duffey Investor Relations Phone
301.202.3207 investorrelations@walkeranddunlop.com
Media: Nina H. von Waldegg VP, Public Relations Phone
301.564.3291 info@walkeranddunlop.com
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