Walker & Dunlop Structures $120 Million in Financing for 1.2 Million Square-Foot Miami Lakes Portfolio
Bethesda, Maryland – August 9, 2018
Walker & Dunlop, Inc. announced today that it structured $120,000,000 in financing for the Graham Portfolio, a group of 29 properties located in Miami Lakes, Florida. Owned and developed by the Graham Companies, the portfolio comprises 1.2 million square feet and includes a mix of high-quality properties such as retail, office, industrial, flex, multifamily, and land lease assets.
The Walker & Dunlop team was led by Ft. Lauderdale-based Al Rex, Marty McGrogan, and Ariel Zucker, who specialize in loan origination, structured finance, and co-investment opportunities for all property types, including development projects. The team leveraged its broad network of capital providers to structure the portfolio refinance through a correspondent life company lender. The 15-year, non-recourse loan provided the borrower with a long-term capital solution at an attractive rate. Though the transaction was structured as a portfolio execution, each property was unique and required a tailored underwriting and valuation approach.
President and CEO of The Graham Companies, Stuart S. Wyllie, commented, “We have known Al and his team for a very long time and were pleased not only with the pricing of the deal but with the timely execution of a complex transaction.”
Mr. Rex added, “This transaction was a great fit for both parties. We’ve worked with the Graham Companies for 30 years and knew that they wanted a long-term portfolio lender to partner with. The lender was also very comfortable with the sponsorship and their long-term ownership strategy.”
“The capital markets are very interested in mixed-property portfolios of this type. Despite headwinds in the retail space, the neighborhood centers in the portfolio have strong occupancy and serve a meaningful purpose for the local residents,” Mr. McGrogan stated. “Thanks to the experienced ownership and the portfolio’s great performance, the Graham project received aggressive bids with flexible terms for the borrower.”
Located less than 20 miles northwest of Miami, Miami Lakes is a master-planned community catering to the county’s workforce. The integrated community was designed to be walkable and includes residential, retail, commercial, industrial, and mixed-use properties. Nearby amenities include parks, hotels, golf clubs, and supermarkets. All properties in the Graham Portfolio are located within a mile of downtown Miami lakes and many of the properties are anchored by major retailers such as CVS, Burger King, and Publix.
Walker & Dunlop is a leader in the commercial real estate industry and has grown its brokered loan originations at a compound annual rate of 28 percent from 2014 to 29017. In 2017 alone, the Capital Markets team closed a record $7.3 billion in total brokered volume with over 235 different capital providers. To learn more about Walker & Dunlop’s diverse financing options visit our website.
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 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
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