Bethesda, Maryland – March 2, 2017
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it arranged joint venture equity financing in the amount of $11,900,000 for the acquisition of Tuscany Bay Apartments, a 396-unit, garden-style apartment community in Orlando, Florida.
The transaction was completed by Kevin O’Grady, Daniel Sheehan, and Eric McGlynn, all managing directors of the Company’s Capital Markets group based in Miami, Florida. Messrs. O’Grady, Sheehan, and McGlynn are experts in structuring and arranging equity, structured debt, and portfolio financing for value-add owners, operators, and developers. As a team, they have closed in excess of $15 billion of debt and equity transactions.
Mr. McGlynn remarked, “We are pleased to have arranged this financing on behalf of the buyer. Financing properties built in the 1980’s can be challenging given their age; however, the property was acquired for the right price, the business plan was sound, and the buyer had a great track record – which ultimately resulted in a successful joint venture.”
Tuscany Bay consists of 20 three-story buildings that were built between 1984 and 1986. Over the next two years, the new buyer intends to make significant improvements, which are anticipated to materially increase rents to levels of other recently renovated properties in the area. Renovations will comprise new roofs, landscaping, signage, pool and clubhouse upgrades, and comprehensive unit interior upgrades, including the addition of washers and dryers. Located at 5870 Sundown Circle on 21.3 acres, the property is minutes from downtown Orlando, Lake Nona, and the Orlando International Airport.
The transaction closed on January 6, 2017, and the financing was provided by a private equity fund. Darron Kattan of Franklin Street Real Estate Services represented the seller in the transaction.
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.