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Walker & Dunlop Structures $40.4 Million Capital Solution for Unique Hotel-to-Multifamily Redevelopment

Bethesda, Maryland – June 13, 2018

Walker & Dunlop, Inc. announced today that it recently structured equity and debt financing for the recapitalization of The Mark Apartments, a 227-unit, high-rise apartment complex in Alexandria, Virginia. The clients, Northpoint Realty Partners and Persimmon Capital Partners, recently completed an extensive redevelopment program to transform the property from an outdated hotel to a modern multifamily community in an area of high rental demand.

The Mark Apartments property
The Mark Apartments pool

Led by Managing Director Jamie Butler, Walker & Dunlop’s Structured Finance team replaced the existing construction debt with a long-term capital stack including fixed-rate senior debt from Freddie Mac and joint venture equity from RSE Capital Partners, a private property investment company that has deployed over $1 billion of capital in commercial real estate.

“Walker & Dunlop did a fantastic job of understanding our needs and providing us with the most flexible options that allowed us to capitalize on our long-term business plan,” said Tim Riordan, partner at Northpoint Realty Partners. “We continue to see Jamie Butler and the rest of the Walker & Dunlop team as a vital part of our future deal process and will continue to use their services for future financings.”

“Our clients have shown tremendous foresight, skill, and dedication in successfully completing the intricate conversion of an obsolete hotel into an innovative apartment building. The result is a property that squarely meets the overwhelming demand for housing in the submarket” said Mr. Butler. “We were able to structure the entire spectrum of capital solutions on this assignment and are thrilled to play a role in the long-term success of this exciting project.”

Located just 15 minutes from downtown Washington, D.C., The Mark Apartments enjoys convenient access to retail, entertainment, and key employers throughout the region by way of the Van Dorn Metro Station and Interstates 395 and 495. The newly completed multifamily property offers residents affordable price points for units ranging from studios to three-bedrooms. In addition to all-new interiors and top-of-the-line appliances, The Mark features an unrivaled collection of amenities including an expansive pool with landscaped deck, an outdoor grilling and dining terrace, state of the art fitness center with private studio, spacious indoor residents lounge, dedicated work spaces, laundry lounge, and dedicated parking.

Walker & Dunlop’s Structured Finance Group provides access to all commercial real estate finance options in the capital stack, including joint venture equity, preferred equity, mezzanine financing, as well as bridge and construction senior debt financing. The team has a nationwide presence and strong global relationships with a range of capital providers including institutional funds, pension funds, life insurance companies, private equity firms, REITs, foreign capital, registered investment advisors, and high net worth individuals. The group’s experienced team members have collectively closed over $72 billion in transactions over the course of their careers.

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 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.

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