Printer Friendly

Walker & Dunlop closes $1.9B deal for Monogram buy.

Walker & Dunlophas closed the largest financing in company history, a $5.9 billion portfolio of Freddie Mac loans to Greystar Growth and Income Fund, LP in connection with its acquisition of Monogram Residential Trust.

Willy Walker, Walker & Dunlop Chairman and CEO, commented, "It is a true honor to have been selected by Greystar to finance the largest transaction in its illustrious history. The Walker & Dunlop team, along with our partners at Freddie Mac, executed flawlessly on this large, complex transaction.

"There are only a few multifamily lenders in the country with the scale and expertise with the GSEs to execute on a transaction of this nature, and it is a testament to Walker & Dunlop's growth, and the incredible team we have, that we were able to execute on this financing so well."

The financing includes 36 distinct loans on multifamily properties located in major metropolitan areas across the United States.

The portfolio is comprised of 62 percent floating rate loans and 38% fixed rate loans. The Walker & Dunlop financing team was led by Matt Wallach, Stephen West, and Craig West.

"We were thrilled to work so closely with the incredible team at Walker & Dunlop and Greystar to facilitate this significant acquisition," said David Brickman, executive vice president & head of Freddie Mac Multifamily.

"We pride ourselves on being the leading capital provider for large, complex deals, and this financing clearly demonstrates our ability to deliver innovative structures and certainty of execution to premiere multifamily operators." Walker & Dunlop was a top-five lender with each of the Agencies in 2016, including the 3rd largest Freddie Mac Multifamily Approved Seller. During the first half of 2017, Walker & Dunlop originated $2.3 billion of Freddie Mac loans, a 33 percent increase over the same period last year.

Earlier this summer, Monogram Residential Trust, an owner and developer of luxury apartment communities, entered into an agreement to be acquired by a newly formed perpetual life fund, Greystar Growth and Income Fund, LP, led by Greystar Real Estate Partners and its initial founding capital partners, affiliates of APG Asset Management N.V., GIC, and Ivanhoe Cambridge, in a transaction valued at $3 bilhon.

"We are excited to add Monogram's high quality assets in some of the best markets in the country as the seed portfolio for Greystar Growth and Income Fund, LP, our flagship core-plus perpetual life vehicle," said Bob Faith, the Founder, Chairman and Chief Executive Officer of Greystar.

The transaction is not contingent on receipt of financing by Greystar. JPMorgan Chase Bank, N.A. has provided a commitment letter to Greystar Growth and Income Fund for $2.0 billion in debt financing for the transaction.

Morgan Stanley & Co. LLC is serving as exclusive financial advisor and Goodwin Procter LLP is serving as legal advisor to Monogram. J.P. Morgan Securities LLC is serving as exclusive financial advisor and Jones Day is serving as legal advisor to Greystar.


COPYRIGHT 2017 Hagedorn Publishing
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:BANKING & FINANCE
Comment:Walker & Dunlop closes $1.9B deal for Monogram buy.(BANKING & FINANCE)
Publication:Real Estate Weekly
Date:Oct 4, 2017
Previous Article:CBSK secures $83M for LIC condo building.
Next Article:Arbor funds $276M in multifamily loans.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters