Walker & Dunlop Team Closes $86 Million in Financing for Office and Industrial Portfolio in Arizona
Dec. 14, 2017
Bethesda, Maryland – December 14, 2017
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it structured three loans in the amount of $85,950,000 for a four-property portfolio consisting of two Class A office buildings and two industrial warehouses in Phoenix, Tempe, and Scottsdale, Arizona.
Based out of the Company’s Phoenix, Arizona office, Senior Vice Presidents Jim Pierson and Keaton Merrell led the team in arranging the debt for Globe Corporation (“Globe”). The loan for one property, 101 Corporate Center, served as acquisition financing and the remaining two were refinances. Debt for the two industrial warehouses, 8990 South Kyrene Road and Riverside Commerce Park, was consolidated into a single loan structure. Each of the three long-term, fixed-rate loans were closed at favorable rates with three separate life insurance companies.
Director, President, and Co-CEO of Globe Corporation, George Getz, commented, “The total loan process with Jim and Keaton was outstanding; they marketed our loans to multiple capital sources and provided Globe with the best financing available in the market.”
Mr. Pierson commented, “We were honored to win this portfolio assignment from Globe, as they are great friends and valued clients. This portfolio was a unique assignment; each property and loan structure was distinct, yet we were able to arrange financing options to address the future business plans of Globe Corporation.”
Phoenix and Tempe are ideal markets for both industrial and office properties, thanks to above-average job growth, and strong absorption. Scottsdale, located within the most populous county in Arizona, is an established, upscale area with beautiful scenery that draws employees, families, and tourists alike.
The portfolio comprises a total of 709,033 square feet of rentable space. Each property is well-located within their respective markets, near major thoroughfares and amenities such as retail and restaurants. The assets also enjoy close proximity to major employers, such as Farmers Insurance, Honor Health, General Dynamics, Northern Trust, State Farm, Vanguard, Mayo Clinic, and CVS.
As one of Fortune’s Fastest Growing Companies, Walker & Dunlop continues to expand across the United States and is dedicated to increasing the presence of its Capital Markets platform. The acquisitions of certain assets from George Elkins Mortgage Banking Company in November 2016 and Deerwood Real Estate Capital in February 2017 have contributed to a significant increase in the Company’s brokered loan originations. In the first three quarters of 2017, the Capital Markets team closed a record $5.2 billion in total brokered volume, up 22 percent from the full-year 2016 figure.
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.
About Globe Corporation
Founded in 1901, Globe Corporation is currently managed by fourth generation members of the Getz family. With a rich history that spans many different industries—coal distribution, manufacturing, ranching and commercial banking—Globe Corporation today is a diversified investment company with offices in Scottsdale, AZ and Deerfield, IL, whose primary responsibilities are the stewardship and oversight of the Getz family assets.
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