Walker & Dunlop, Inc. reports developments in commercial real estate finance and advisory services, with recurring updates on mortgage banking volume, revenues, servicing fees, and the performance of its Capital Markets and Servicing & Asset Management activities. The company originates, sells, and services multifamily and other commercial real estate financing products, including Agency executions tied to Fannie Mae, Freddie Mac, Ginnie Mae, HUD and the Federal Housing Administration.
Company news also covers arranged debt and equity capital for multifamily, affordable housing, hospitality, self-storage and other commercial real estate assets. Updates frequently describe refinancing, construction financing, institutional advisory mandates, LIHTC affordable equity capabilities, servicing portfolio growth, credit exposure from indemnified or repurchased loans, and management commentary on capital markets conditions.
Walker & Dunlop, a leader in affordable housing finance, announced the addition of P.J. McDevitt as Managing Director to bolster its affordable housing team. McDevitt brings significant expertise, having originated nearly $1 billion in affordable housing transactions since 2018. His focus will be on driving national loan origination growth. The firm aims to achieve $60 billion in affordable and workforce housing volume over the next five years. Walker & Dunlop has financed $17 billion in affordable housing over the past three years, solidifying its position as a top non-bank lender.
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Walker & Dunlop has announced a definitive agreement to acquire Alliant Capital and its affiliates for an enterprise value of $696 million. This acquisition will enhance Walker & Dunlop's position in the affordable housing sector, significantly expanding its assets under management from $2 billion to $16 billion. The deal is expected to generate additional revenues between $90 million and $100 million in 2022, and increase diluted earnings per share between $0.45 and $0.60. The transaction is anticipated to close in Q4 2021, subject to regulatory approvals.
Avanta Residential has finalized the acquisition of 27 acres in McKinney, Texas, to develop a build-to-rent community with 276 homes. This project is part of the Painted Tree master-planned community, located 40 miles north of Dallas, an area with rapid growth and proximity to major retailers and employers. The neighborhood will feature amenities such as a leasing center, fitness center, and a swimming pool. Groundbreaking is set for November, with completion expected by mid-2023. This marks a strategic expansion for Avanta, enhancing its position in the single-family rental market.
Walker & Dunlop released its 2021 Summer Multifamily Outlook Report, showcasing the apartment market's resilience during the pandemic. The report utilizes exclusive insights from Zelman & Associates and GeoPhy. Key highlights include an analysis of the rebounding economy, a Q&A with NMHC President Doug Bibby addressing affordability and tax policy changes, and a spotlight on New York City's recovery. Furthermore, the report introduces CREUnited, aimed at increasing minority involvement in commercial real estate.
Walker & Dunlop reported a 90% increase in total transaction volume, reaching $13.5 billion in Q2 2021, compared to Q2 2020. Total revenues rose 11% to $281.4 million. However, net income decreased 10% year over year to $56.1 million with diluted earnings per share of $1.73. Adjusted EBITDA grew 37% to $66.5 million, and the cash position stood at $326.5 million. The company declared a quarterly dividend of $0.50 per share for Q3 2021.
Walker & Dunlop has released a comprehensive second edition of its Build-For-Rent (BFR) report, indicating the asset class's rapid growth in commercial real estate. Backed by Zelman & Associates' data, the report highlights key insights including case studies of significant transactions, current metrics on collections and occupancy, and financing options from major lenders like Fannie Mae and Freddie Mac. The BFR market is expected to outpace other asset classes such as office and retail, with an active pipeline worth $1.9 billion. For details, visit their website.
Walker & Dunlop announced the successful structuring of $37,466,300 in financing for four senior housing facilities across the U.S. The financing includes significant amounts for Bloom at Bluffton and Hilton Head, Cascades of Tucson, and Regency Jackson. Notably, the team utilized their expertise in HUD lending to refinance the Cascades of Tucson, lowering mortgage rates and securing $1.2 million for improvements. This financing assists in mitigating the impact of COVID-19 on occupancy levels and operational challenges, highlighting Walker & Dunlop's commitment to supporting vulnerable populations.
Apprise by Walker & Dunlop expands its commercial real estate appraisal business by adding Managing Director Bruce Daubner and Senior Directors Chad Harrison and David Isaacs, who are based in Columbus, Ohio. This team will enhance the company's growth in the Midwest. Apprise utilizes advanced analytics and data access to deliver timely property insights, reporting over $150 billion in commercial real estate valuations annually. The firm continues to grow, serving a diverse client base across the U.S. market.
Walker & Dunlop has expanded its small multifamily lending team into the Western U.S., appointing Ana Ramos as Managing Director. She will lead efforts to boost the company’s small loan presence in this region. The small multifamily loan market, reportedly over $55 billion in origination volume in two years, is predominantly driven by private investors. Walker & Dunlop aims for $5 billion in small balance loan volume by 2025, leveraging Ramos' extensive experience in commercial real estate, including over $3 billion in closed loan originations.