Walker & Dunlop Closes Three Loans Totaling $77 Million for Condominium Developments in Southern California
Bethesda, Maryland – February 17, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today it has recently closed three transactions totaling $77,154,000 for three condominium developments in Southern California. Featured properties include Element 436 located in Koreatown, Enclave, located in Oxnard, and ONYX located in the Beverly Hills/West Hollywood market.
“These three transactions demonstrate the strength of condominium developments as an emerging business plan in Southern California, as minimal construction of these property types has occurred since the recession of 2008,” stated Gabriel Weinert, senior vice president of Walker & Dunlop. Mr. Weinert closed over $175 million in total loan origination volume in 2015.
A representative from River Range, LLC, the borrower for both Element 436 and Enclave, commented, “Walker & Dunlop, and Gabe specifically, played an invaluable role in these transactions, and we are very excited to deliver condominiums to the market next year.”
River Range, LLC’s business plan for Element 436 is to convert 74 newly constructed multifamily units into for-sale condominiums that will be released to the market this year. Mr. Weinert secured high leverage non-recourse acquisition/construction financing from a family office sponsored investment manager, and also placed limited partner equity from high net worth individuals. The Enclave, a 45-unit oceanfront condominium development located in the Channel Island Harbor is one of the premier housing products released to the Oxnard market in the last ten years, as there has been minimal construction in this submarket since pre-recession. Walker & Dunlop also arranged high LTC construction financing from a private equity fund along with equity. In addition, Mr. Weinert closed $15,000,000 of debt and equity on ONYX owned by The Barkley Group, a 14-unit condominium project in the Beverly Hills/West Hollywood submarket that is currently under construction and scheduled for units to be released in fourteen months.
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, 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 almost 500 professionals in 25 offices across the nation with an unyielding commitment to client satisfaction.
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