Walker & Dunlop, Inc. - WD STOCK NEWS

Walker & Dunlop announced the election of Gary Pinkus to its board of directors. Pinkus will serve as an independent director and a member of the Audit and Risk Committee. With a robust background as the former managing partner of McKinsey & Company's North American operations and global leader of its Private Equity & Principal Investors Practice, Pinkus brings significant expertise to the table. Chairman and CEO Willy Walker expressed enthusiasm about Pinkus's addition, highlighting his potential to guide the company's future growth and strategic direction. Pinkus, who has a long-standing professional relationship with Walker, also voiced his excitement to contribute to Walker & Dunlop's continued success.

Walker & Dunlop's Midwest Investment Sales team is serving as the exclusive advisor for Artistry, a prominent mixed-use apartment complex in Indianapolis. Artistry, consisting of 554 units, offers significant investment potential in a market known for strong rent growth. The acquisition includes favorable terms, such as a full-term interest-only period at a below-market rate. Artistry, part of a three-phase complex, includes high-end amenities and is strategically located near major employers and attractions. The property is expected to drive rents and offers potential for significant return through upgrades. Walker & Dunlop, a leader in multifamily property sales, completed over $8.7 billion in property sales in 2023.

Walker & Dunlop announced securing a $110 million construction loan for 880 Atlantic Avenue, a 246-unit Class-A multifamily development in Prospect Heights, Brooklyn. The project, led by the New York Capital Markets team and EMP Capital Group, also involves QuadReal Property Group as the lender. This development offers studio, one, and two-bedroom apartments, aiming to meet high residential demand and elevate rental rates in Brooklyn. Located near Prospect Park and Fulton Mall, the area boasts excellent transport links and retail options. Walker & Dunlop had previously financed a nearby 247-unit project for EMP in March 2024 for $109 million. The loan will fund ongoing development costs, contributing to Brooklyn's multifamily housing landscape.

Walker & Dunlop, Inc., the top student housing lender, releases an annual housing report sharing market trends and analysis. They are the #1 lender for Fannie Mae and Freddie Mac in 2023, providing valuable insights for developers and investors. The student housing industry has evolved into a sophisticated, amenity-rich environment, attracting national and international investors. Despite challenges like interest rates, the company remains optimistic about the sector's future performance.

Walker & Dunlop, Inc. completed a $155 million refinancing deal for The Lexington Hotel in Manhattan, a historic landmark transformed into a Marriott Autograph Collection hotel. The New York Capital Markets team secured the financing through lender Hudson Bay Capital, highlighting the enduring appeal of New York City as a tourist and business destination. The hotel offers 725 keys, specialty suites, on-site amenities, and benefits from its prime location in Midtown East.

Walker & Dunlop, Inc. (NYSE: WD) reported total revenues of $228.1 million for Q1 2024, down 4% YoY. Net income was $11.9 million, diluted EPS $0.35, both down 55% YoY. Adjusted EBITDA increased 9% to $74.1 million. Adjusted core EPS was $1.19, up 2% YoY. Declared dividend of $0.65 per share for Q2 2024. Transaction volume down 5% YoY to $6.4 billion. Servicing portfolio grew by 6% to $132.0 billion.

Apprise Levels Up in Midwest with New Team Additions

Apprise, a leading provider of commercial and multifamily real estate valuation and consulting services, has announced its strategic expansion in the Midwest region by adding a dynamic team of five seasoned industry experts. The new team, led by Alex Hoenig, MAI, as the Regional Managing Director for the Midwest, brings a wealth of experience and expertise to further strengthen Apprise's presence in the region. With an established platform and extensive commercial and Agency multifamily expertise, this addition promises significant growth and enhanced client services for the company. Apprise focuses exclusively on the U.S. market and has a collective track record of valuing $350 billion worth of commercial real estate properties to date, comprising more than 750 thousand units per year. Furthermore, the company has been awarded the 2023 PropTech Breakthrough Appraisal Solution of the Year award.