Walker & Dunlop Closes Acquisition Financing for 918 Unit Apartment Portfolio in Kansas

  • Feb. 2, 2016

Bethesda, Maryland – February 2, 2016

Walker & Dunlop, Inc. (NYSE: WD) announced today it structured two loans totaling $64,050,000 for Highland Ridge Apartments and The Lodge, in Overland Park, Kansas for Overland Park Equity LLC, an affiliate of Mandel Group, Inc. (“MGI”).

Jim Cope led the Walker & Dunlop team that structured the Fannie Mae financing with a 10-year term including three years of interest only payments. The loan was underwritten to a 1.25 debt service coverage ratio. Jim stated, “Since first working with the Mandel Group, Walker & Dunlop has consistently met their financing expectations by obtaining the best terms available. Throughout the years, we have developed a remarkable relationship with Barry and his team and look forward to working with him on future deals.”

MGI is a repeat Walker & Dunlop and Fannie Mae Sponsor. Chief Financial Officer of Mandel Group, Dave Pavela, stated, “Jim Cope and his team told us early in the financing process what to expect, and then they delivered without surprises. With complex deals such as these, it’s incredibly helpful to know a major piece of the capital stack will be expertly and efficiently secured.”

Highland Ridge Apartments features 370 units and The Lodge includes 548 units. Overland Park is the second largest city in Kansas. Both properties offer residents multiple floor plans, a clubhouse, business center, fitness center, sports courts, and swimming pools. Both properties are located within walking distance to several shopping, dining, and entertainment options. Overland Park is home to several large organizations such as HCA MidAmerica and Sprint, as well as a high concentration of telecommunications employers.

MGI is a national award-winning builder and developer headquartered in Milwaukee, Wisconsin. Founded in 1991, Mandel Group has developed or transacted over $1 billion of residential and commercial real estate development. MGI currently owns and operates multifamily properties in Wisconsin, Minnesota, Illinois, and Kansas. In addition to its development activities, the firm has acquired and repositioned over 3,000 units of multifamily housing and Mandel Property Services, Inc. manages over 5,700 multifamily housing units.

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.


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