Walker & Dunlop, Inc. announced today that it structured $8,000,000 in financing for Pointe Red Hill, a 51,065 square-foot, single-tenant, two-story office building in Tustin, California. Located in the Los Angeles metropolitan area, the fully improved, steel-framed building benefits from an open floorplan with a mix of private suites and conference rooms. The subject has been solely occupied by an online retail company, since 2018.
Walker & Dunlop Los Angeles-based team included Grant Robertson and Kevin Dinneen, who structured a ten-year, fixed-rate loan. The financing provided an attractive rate and amortization schedule to the borrower with limited personal guarantees and no hold backs or reserves. The team worked to identify the best solution on behalf of the property owner and repeat-client, Fortland, Inc., all while mitigating the challenges of the current health crisis. Proceeds of the loan provided by Symetra Life Insurance Company were used to refinance the property’s existing debt and allow for property improvements, such as the installation of solar carports.
Mr. Robertson commented, “This transaction was processed and closed on its original terms during the height of the COVID-19 pandemic, which speaks volumes to Symetra’s commitment and high-level performance during times of uncertainty in the capital markets. There are always unexpected challenges during the loan process, however, our long-standing correspondent relationship with Symetra provides our clients with a certainty of execution that supports Walker & Dunlop’s reputation.”
Steven Short, President of Fortland, Inc., commented, “I highly value my relationship with Walker & Dunlop, especially during these challenging times. Grant and Kevin were able to deliver on all the business points laid out in the application and I attribute this successful closing to them.”
Walker & Dunlop has one of the strongest networks in the industry, with over 40 correspondent life insurance lender relationships. In 2019, Walker & Dunlop completed $3.3 billion of life insurance company financing and currently services over $9 billion for its correspondents.
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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 850+ professionals in 40 offices across the nation have an unyielding commitment to client satisfaction.