Walker & Dunlop, Inc. - WD STOCK NEWS

Walker & Dunlop's New York Capital Markets team has significantly strengthened its operations, closing over $1 billion in financing deals across various asset classes in just 30 days. This achievement comes amid a dynamic economic landscape, showcasing the team's capability to adapt and thrive despite market volatility. Key transactions include financing for The Brook at $388 million, 452 Fifth Avenue at $385 million, and 100 Church Street at $370 million. The team's extensive network and market expertise continue to position them favorably in securing capital for clients.

Walker & Dunlop has expanded its Capital Markets team by hiring James Shiles as Senior Vice President in New York. Shiles will focus on enhancing Capital Markets production and strategic priorities. His prior experience includes roles at Guggenheim Partners and Morgan Stanley. The Capital Markets team has strong connections with over 350 capital sources, having sourced around $30 billion in loans in 2021 from non-GSA capital providers. The firm emphasizes community building and is recognized as a top workplace.

Walker & Dunlop's New York Capital Markets team has secured approximately $388.4 million in financing from Bank of America for The Brook, a luxury mixed-use development in Downtown Brooklyn. The project encompasses 448,000 rentable square feet and includes a 51-story tower with 591 affordable apartments, along with retail spaces totaling over 30,000 square feet. Managed by Apollo Commercial Real Estate Finance, Inc., this development responds to Downtown Brooklyn's growth, positioning it as a prime investment opportunity.

Walker & Dunlop reported a strong second quarter of 2022, with total revenues of $340.8 million, up 21% year over year. Total transaction volume reached $22.5 billion, marking a 67% increase compared to Q2 2021. Despite these gains, net income fell to $54.3 million, a 3% decline from the previous year, attributed to decreased non-cash mortgage servicing rights revenues. The company declared a quarterly dividend of $0.60 per share for Q3 2022 and reported adjusted EBITDA growth of 43% to $94.8 million. As of June 30, 2022, the servicing portfolio was valued at $119.0 billion.

Walker & Dunlop, based in Bethesda, Md., announced on August 1, 2022, the expansion of its HUD Production team in Chicago with the hiring of Brett Murphy as Senior Director. Murphy will enhance the FHA seniors housing business by leveraging Walker & Dunlop's diverse financing platform. Previously, he led seniors housing and healthcare transactions at Lancaster Pollard and has extensive experience in various financial institutions. In 2021, Walker & Dunlop was ranked the #3 HUD lender, originating approximately $737 million in seniors housing transactions.

Walker & Dunlop structured $105 million in financing for The Verona at Landover Hills, a multifamily property in Prince George's County, Maryland, featuring 727 units. The acquisition is part of a joint venture with Goldman Sachs' Urban Investment Group, targeting affordable housing solutions aligned with their One Million Black Women initiative, a $10 billion investment strategy. The property now operates under new affordability restrictions, responding to the growing demand for affordable housing in a market where rental prices are outpacing income growth.

Walker & Dunlop has expanded its property sales team, WDIS, through the acquisition of Avalon Real Estate Partners, a prominent Atlanta-based land brokerage. This acquisition aims to enhance WDIS's capabilities in land investment sales, a new specialty area for the firm. Managing Directors Brent Story and his team bring over 45 years of collective experience and a robust pipeline of transactions valued at over $700 million. Walker & Dunlop aims to grow its property sales volume to $25 billion by 2025, reflecting a strategic move to expand its advisory services in commercial real estate.

Walker & Dunlop announced the appointment of Carol McNerney as Chief Marketing Officer. With over 20 years of marketing experience across various industries, including commercial real estate, McNerney previously led marketing at SThree and Information Builders. Her role will focus on advancing Walker & Dunlop's brand strategy as part of their ambitious growth goals under the 'Drive to '25' initiative. She succeeds Susan Weber, who will now serve as chief of staff.

Walker & Dunlop has announced a programmatic joint venture with Good + West to develop a portfolio of build-for-rent (BFR) housing in Texas, with plans for at least four developments worth approximately $400 million over the next four years. The partnership aims to leverage the growing demand for BFR properties, particularly within the Dallas and Austin metro areas, driven by demographic trends and job growth. The first project, Perch Denton, a 195-unit property, is set to be completed in 2023. Walker & Dunlop has closed over $1 billion in the BFR sector, further positioning itself in this emerging market.