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Debt & Equity

Blackstone, Walker & Dunlop form multifamily loans joint venture

Blackstone  Mortgage  Trust and Walker & Dunlop (NYSE: WD) have entered into a joint venture to originate, hold and finance multifamily bridge loans.

Walker & Dunlop, one of the nation’s largest non-bank originators of Fannie Mae, Freddie Mac and U.S. Department of Housing and Urban Development loans, will contribute 15 percent of the venture’s equity capital and BXMT will contribute 85 percent.

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, added, “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.”

Blackstone  Mortgage  Trust  is  a  real  estate  finance  company  that  originates  senior  loans collateralized by commercial real estate in North America and Europe. The turst is externally managed by BXMT Advisors, a subsidiar yof The Blackstone Group, one of the world’sleadinginvestment firms, with over $360  billion in assets under management.

Headquartered  in  Bethesda,  Maryland,  Walker & Dunlop 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.

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