Bethesda, Maryland – January 11, 2016
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it has agreed to take full ownership of Walker & Dunlop Commercial Property Funding (WDCPF), the Company’s CMBS lending platform, which was formerly a joint venture between Walker & Dunlop and a fund managed by an affiliate of Fortress Investment Group. In connection with this change, Bob Restrick will be joining the Company as CEO of WDCPF.
Walker & Dunlop’s Chairman and CEO, Willy Walker, commented, “We are thrilled to have Bob Restrick leading WDCPF and are confident that his experience and track record in the CMBS space will add significant value to the team. He is joining at an exciting time, as Walker & Dunlop makes a larger investment in a part of our platform with huge growth potential. The upcoming commercial mortgage maturities are dominated by CMBS loans that provide a significant opportunity for refinancings in the coming years, and with complete control over the operations of WDCPF, Walker & Dunlop can receive the full benefits of this robust CMBS market activity.” Mr. Walker continued, “I’d like to thank Fortress Investment Group for supporting Walker & Dunlop with our entrance into the CMBS space and for being such a great partner over the past two years.”
WDCPF, which began originating in mid-2014, has closed $337 million in CMBS loans that have been contributed to four securitizations through September 30, 2015. The Company does not expect the increase in ownership in WDCPF to have a material impact on its financial results.
Bob Restrick has 25 years of experience in the CMBS space, beginning as a senior associate at Morgan Stanley where he published CMBS research articles. His most recent position was managing director at Annaly Capital Management, Inc. Over the years in his various roles, Mr. Restrick has displayed a dedicated and innovative approach to achieving maximum profitability throughout numerous credit cycles.
The transaction is subject to customary closing conditions.
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 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.
The statements regarding the anticipated CMBS refinancing opportunity and the growth potential of our CMBS lending platform contained in this press release constitute forward-looking statements within the meaning of the federal securities laws, and they reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in the forward-looking statements.
While the forward-looking statements reflect our good faith projections, assumptions and expectations, they are not guarantees of future results. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to: (1) general economic conditions and multifamily and commercial real estate market conditions, and (2) our ability to retain and attract loan originators and other professionals.
For a further discussion of the factors that could cause CMBS refinancing volumes and growth in our CMBS platform to differ materially from those expressed or contemplated in this press release, see the section titled ‘Risk Factors’ in our Annual Report on Form 10-K as it may be updated or supplemented in our Quarterly Reports on Form 10-Q and our other filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com.