Bethesda, Maryland – November 3, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today it provided a $14,500,000 bridge loan for Loomis Centre, a neighborhood retail center in southern Milwaukee, Wisconsin.
The loan was structured as a three-year, fixed-rate term, and carried an interest rate of approximately four percent. Walker & Dunlop’s team provided competitive financing options to the client by working closely with Citizens Bank, the bridge loan lender, and closed the deal within 30 days. The loan structure provided the borrower with flexibility and funding to complete the buildout and lease extensions for several tenants. Vice President, Justin Nelson, led the Walker & Dunlop team. Mr. Nelson commented, “We are thankful for our great relationship with Citizens Bank. They committed and closed the loan in just a few weeks to meet an expedited timeline and refinance a maturing loan for the borrower.”
Renovated in 2001 and 2006, Loomis Centre consists of four, one-story buildings, occupying 218,708 square feet. The property is leased by strong national retailers including Michaels, Marshalls, Ross Dress for Less, and Office Max. Located approximately six miles south of Milwaukee, Loomis Centre is surrounded by residential properties and major retail centers including Loomis Center Mall, Point Loomis, and Southgate Shopping Center.
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.