Welcome to our dedicated page for Walker & Dunlop news (Ticker: WD), a resource for investors and traders seeking the latest updates and insights on Walker & Dunlop stock.
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 announced the successful sale of two skilled nursing facilities in Southwest Montana, namely Apple Rehab Cooney and Elkhorn Healthcare & Rehabilitation. The transaction, facilitated by Tony Cassie and Sam Thompson from the Walker & Dunlop Investment Sales team, achieved over $100,000 per bed despite challenges posed by the COVID-19 pandemic. The facilities, located in Helena and Clancy, Montana, highlight the operational resilience in the healthcare sector. With a track record of $5.4 billion in property sales in 2019, Walker & Dunlop continues to be a leader in multifamily property sales.
Walker & Dunlop has expanded its multifamily property sales team by hiring Andrew DiBlasi in Columbus, Ohio. This move enhances their national property sales platform, focusing on Central Ohio. DiBlasi brings extensive experience and client relationships from his previous role at DRK & Company, where he oversaw over $100 million in annual transactions. Walker & Dunlop continues to grow its footprint, having doubled its property sales team since 2018, with new offices in key cities across the U.S.
Walker & Dunlop Investment Partners (WDIP) has appointed Michael Link as Director of its Capital Formation team. Based in Denver, Link will manage marketing and fundraising initiatives, aiming to enhance WDIP's diverse private equity and debt strategies. Previously at Brookwood Financial Partners, he successfully raised $300 million in 2018 and $700 million in real estate recapitalization in 2019. His expertise is expected to strengthen WDIP's investment pursuits in the middle-market commercial real estate sector.
Walker & Dunlop has secured $80,110,000 in financing for Ellyn Crossing, a renovated multifamily community with 1,155 units in Glendale Heights, Illinois. The funding supports $4.5 million in unit upgrades and $1.5 million in common area renovations. The loan also provides an additional $1,000,000 for completing renovations, expected within 6 to 9 months of closing. Walker & Dunlop leveraged Freddie Mac’s floating-rate program to ensure favorable loan terms for Rockwell Partners, highlighting a strong partnership in multifamily real estate investments.
Walker & Dunlop completed the $60 million sale of 416 on Broadway, a 115-unit Class A apartment community in Glendale, Los Angeles. Originally built as condominiums in 2009, the property features large floor plans averaging 1,102 square feet, appealing to renters seeking extra space. The location boasts occupancy rates above 96% and consistent rent growth, despite an increase in multifamily inventory. Walker & Dunlop also arranged acquisition debt for the buyer at historically low interest rates, showcasing its strength in multifamily financing.
Walker & Dunlop reported Q3 2020 revenues of $247.0 million, a 16% increase year-over-year, with net income rising 21% to $53.2 million, or $1.66 per diluted share. Total transaction volume decreased 6% to $8.4 billion, despite a 36% increase in Agency lending. Year-to-date revenues reached $734.0 million, up 22% from 2019. The company declared a dividend of $0.36 per share for Q4 2020, and the servicing portfolio expanded to $103.4 billion, a 13% increase. Cash on hand totaled $294.9 million.
Walker & Dunlop announced $38.4 million in financing for four skilled nursing properties in Illinois, enhancing their presence near Chicago. The properties financed include Aperion Care Plum Grove, Pavilion of Waukegan, Park View Rehab Center, and River View Rehab Center. Led by Joshua Rosen, the financing utilized HUD's LEAN 232/233(f) and 223(a)7 programs, offering long-term, low-rate loans. Despite COVID-19 challenges, the company secured favorable fixed rates and flexible loan terms, supporting the critical expansion of senior housing and nursing facilities.
Walker & Dunlop arranged $82 million in bridge financing for The Rise Flagler Village, a 348-unit apartment project located in Fort Lauderdale, Florida. This 30-story building, opened in April 2020, is situated in a revitalized area offering diverse shopping and dining options. The financing, structured by Managing Director Eric McGlynn, will refinance existing construction debt and includes a four-year term. Walker & Dunlop reported $10.4 billion in loan originations in 2019, emphasizing its strong industry network.
Walker & Dunlop announced the sale of The Columns at Bentley Manor, a 418-unit apartment community in Marietta, Georgia. The transaction highlights the property's strategic location near the Cumberland and Galleria submarkets, with access to over 31 million square feet of office space and proximity to The Battery Atlanta. The buyer, The Carroll Organization, plans a $3.5 million capital improvement plan. Walker & Dunlop facilitated financing through Freddie Mac's program. In 2019, Walker & Dunlop completed $5.4 billion in property sales and $26.6 billion in debt originations.
Walker & Dunlop, based in Bethesda, Maryland, announced its commitment to diversity and inclusion within the commercial real estate sector. The company aims to double minority and female representation in leadership roles by 2025. As part of this initiative, they have launched a partnership with Management Leadership for Tomorrow to support the Black Equity at Work Certification, focusing on improving Black representation and compensation equity. The certification emphasizes creating an inclusive work environment and implementing just business practices, ensuring measurable progress in diversity efforts.