Bethesda, Maryland – June 21, 2017
Walker & Dunlop, Inc.(NYSE: WD) (the “Company”) announced today that it structured a $16,500,000 loan for the refinance of Radice Corporate Center III, a Class A, multi-tenant, suburban office building in Fort Lauderdale, Florida.
Leading the Company’s Capital Markets team, Al Rex and Niki Perez worked with Ghitis Property Company (GPC), the sponsor, to place the debt assignment and secure a long-term, fixed rate loan. The property experienced a circumstantial lapse of occupancy right before the loan maturity date, but was able to mitigate the temporary loss. Thanks to the sponsor’s experience and successful lease-up strategy, Walker & Dunlop delivered the loan closing in 30 days through one of its correspondent life company relationships.
Mr. Rex, managing director, stated, “The fact that the sponsor has been involved with the property for over 20 years showed exceptional long-term commitment, which allowed the lender to be comfortable with the short-term vacancy.”
GPC is a well-capitalized, experienced ownership group and has developed over five million square feet of Class A real estate, including many well-known projects in South Florida. President of GPC, Leo Ghitis stated, “Walker & Dunlop was able to meet our goals of a fixed rate loan despite the tight timeframes and temporary vacancy.”
Radice Corporate Center III consists of seven-stories and 133,475 square feet of office space. The building has a modern architectural structure, comprised of floor-to-ceiling exterior glass windows and interior walls. The building was constructed in 1978 and is located within the Radice Corporate Center, an institutionally-built and maintained office park just east of the Cypress Creek Road and I-95 interchange. The office park contains three office buildings and a 250-room Westin Hotel, adjacent to the Radice III building. The property is home to numerous tenants including Aerotek, Marsh & McClennan Agency, and Massachusetts Mutual Life Insurance.
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.