Walker & Dunlop, Inc. - WD STOCK NEWS

Walker & Dunlop announced the financing of the McCall Warehouse Portfolio, a 143,060 square foot multi-tenant industrial warehouse in Austin, Texas. The financing was secured through LaSalle Investment Management, facilitated by Senior Director Harvey Pava. All five tenants have extended their leases for five more years. Despite market volatility due to COVID-19, favorable debt terms were achieved. The warehouse benefits from a high-demand location near the Tesla Gigafactory, and Walker & Dunlop's strong industrial finance network completed $914 million in transactions for 2019.

Walker & Dunlop expands its multifamily investment sales platform in South Florida, welcoming Still Hunter III and Kaya Suarez to its team. Their expertise will enhance property sales in the region, leveraging strong client relationships and market knowledge. The company aims to grow its annual sales volume to over $8 billion by year-end 2020. Walker & Dunlop has seen significant growth, doubling its property sales team since 2018 and opening new offices across major U.S. cities. This strategic move reinforces its position as a leader in multifamily property sales.

Walker & Dunlop has successfully structured $5.2 million in permanent financing for Amaryllis Park Place, an 84-unit affordable housing project aimed at seniors. This milestone marks the company's first deal led entirely by an all-female team. The project utilizes nine percent Low Income Housing Tax Credits and is backed by funding from Freddie Mac, Bank of America, and Enterprise Community Partners. Walker & Dunlop aims to finance $10 billion in affordable housing over the next five years, highlighting its commitment to diversity and community development.

Walker & Dunlop, a leading commercial real estate finance company, has secured $67,211,400 in financing for the Shoma Village Apartments project in Hialeah, Florida. This mixed-use development includes 304 apartment units and retail space. The financing is arranged through HUD's 221(d)(4) program, offering construction and permanent financing in one loan, with a 40-year fixed-rate structure. Despite challenges posed by COVID-19, the company's ability to close this deal underscores the project's strength and developer confidence in HUD financing.

Walker & Dunlop arranged $51.88 million in bridge financing for The Rise Central, a 230-unit apartment project in Beaverton, Oregon. The property is strategically located near Portland, with amenities such as Nike and Intel nearby. The financing, involving a senior loan and mezzanine loan, includes a two-year initial term with a one-year extension option. At closing, 82% of the apartments were leased. The project is owned by Rescore Property Corp, supported by Encore Capital Management, managing over $3 billion in assets.

Walker & Dunlop has expanded its multifamily property sales team in Nashville, hiring four new members, including Managing Director Robbie O'Bryan. The team will enhance property sales and capital raising efforts in Nashville and surrounding markets. Collectively, they have significant experience in multifamily marketing, having been involved in the sale of over 150 assets worth over $1.5 billion. The company aims to grow its annual sales volume to between $8 billion and $10 billion by the end of 2020, continuing its trajectory of growth since 2018.

Walker & Dunlop's servicing portfolio reached $100.8 billion as of July 31, 2020, an increase driven by strong loan originations and limited payoffs. This milestone supports the company's Vision 2020 strategy, targeting $1 billion in annual revenue by year-end 2020. The portfolio includes over 7,300 loans with a weighted average servicing fee of 23.3 bps and a remaining average life of 9.5 years. Over 85% of fees are prepayment protected, ensuring stable revenue. Walker & Dunlop ranks as the 8th largest commercial mortgage servicer in the U.S.

Walker & Dunlop has secured $16,408,000 in financing for three skilled nursing facilities in Colorado, assisting Madison Creek Partners. The facilities include Pioneer Health Care Center, Paonia Care & Rehabilitation, and Glenwood Springs Health Care, with flexible financing options provided through HUD's LEAN program aimed at long-term care facilities. The financing will refinance prior debts and fund improvements. Walker & Dunlop ranked as the 3rd largest HUD lender in 2019, closing over $94 million in senior housing transactions.

Walker & Dunlop reported a record total revenue of $252.8 million in Q2 2020, a 26% increase year-over-year. The net income rose 47% to $62.1 million, with diluted EPS at $1.95. Despite a 2% decline in total transaction volume to $7.1 billion, debt financing volume rose 8%. The servicing portfolio grew to $100 billion, up 11% year-over-year. A dividend of $0.36 per share was declared for Q3. The company emphasized its strong position in multifamily financing amidst ongoing economic challenges.