Walker & Dunlop, Inc. announced today that it facilitated a $140,000,000 bond issuance on Israel’s Tel Aviv Stock Exchange for its client, Westdale America. Stuart Wernick, Managing Director at Walker & Dunlop, worked in conjunction with Giryes Consulting & Research and Barak Capital, which underwrote, marketed, and issued the bonds. The transaction marks one of the first U.S. real estate offerings on the Israeli stock exchange since the fourth quarter of 2018.
Westdale’s portfolio comprises 37 properties with 8,560 units in 27 multifamily communities and over 1.85 million square feet in 10 office buildings. The properties are located in Georgia, Louisiana, North Carolina, Texas, Virginia, and Washington, and the bonds will be secured by three of its Texas assets: Woodmeade Apartments in Irving; The Colonnade Office in San Antonio; and the Epic office development in Dallas.
By accessing foreign capital markets through the issuance of debt, the transaction facilitates Westdale’s long-term hold investment strategy and provides for future growth opportunities. The bonds, which are structured over six years with a 4.80 percent fixed-rate, will be used to pay existing debt and fund the final phase of the Epic, Westdale’s eight-acre flagship development complex in downtown Dallas, Texas. This stage includes a 16-story, Class A office building with 251,000 square feet of office space, 25,000 square feet of retail, a fitness center, private terraces, and a rooftop deck with city views on the seventh floor.
Mr. Wernick commented, “Thanks to its diverse mix of asset types and the properties’ excellent locations, the Westdale portfolio was met with enthusiasm on the Tel Aviv Stock Exchange. Being the first bond issuance Walker & Dunlop has facilitated, we knew we had to be very comfortable with the quality of the product and it ultimately proved to be a perfect fit for this unique financing solution.”
Walker & Dunlop is a leader in the commercial real estate finance space and has rapidly grown its brokered loan originations over the past several years, completing $8.6 billion in volume in 2018, a 17 percent increase from 2017. For more information on our financing capabilities, visit our website and read the following press releases:
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.