Bethesda, Maryland – November 15, 2017
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it structured a $3,750,000 loan with BB&T for DHL Salt Lake City, a Class B, single-tenant industrial warehouse located in Salt Lake City, Utah.
Led by Florida-based David Gahagan and Ariel Zucker, Walker & Dunlop’s team arranged a 111-month refinance loan on a 20-year amortization schedule on behalf of Preferred Investments (the “Borrower”). The tenant occupying the space, DHL Express, Inc (“DHL”), recently extended their sublease for 10 years, concurrent with the loan terms.
Mr. Gahagan remarked, “Risks associated with the challenges of the ground lease were mitigated by the tenant’s creditworthiness, the mission critical nature of the asset, and the tenant’s low base rent in comparison to recently built projects at the airport. We were able to secure a loan structure that provided excess proceeds and ample cash flow, which met the Borrower’s objectives.”
Tom Speno, president and founder of the Borrower, added, “Walker & Dunlop stood by us and was able to close our loan despite the challenges of an airport ground lease and a large corporate tenant calling the shots. W&D got it done!”
The warehouse is comprised of 61,944 square feet of rentable space and is located on 4.08 acres of land, which is leased from the airport and specifically designed for DHL. The property has direct access to the Tarmac on airport-owned land and was built to suit the tenant.
During the first half of 2017, Walker & Dunlop nearly surpassed the total number of industrial loans closed during all of 2016. Learn more about the Company’s competitive suite of financial offerings and its industrial funding at www.walkerdunlop.com.
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.