Walker & Dunlop Arranges Financing for Industrial Warehouse in Austin
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.
- Secured financing for McCall Warehouse Portfolio despite market volatility.
- Five tenants have extended leases for an additional five years.
- Property location benefits from proximity to Tesla Gigafactory.
- None.
BETHESDA, Md., Sept. 1, 2020 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured the financing for the McCall Warehouse Portfolio, a 143,060 square foot, multi-tenant industrial/flex warehouse portfolio located in Austin, Texas.
Walker & Dunlop's team, led by Senior Director Harvey Pava, leveraged its broad network of capital providers to secure a loan with LaSalle Investment Management on behalf of the property owner, PlaceMKR. The five tenants occupying the space are all local or regional businesses and have extended their leases for the next five years.
Mr. Pava commented, "Despite considerable volatility in the markets, we were able to secure the best debt terms available thanks to our long-term relationship with LaSalle. We were honored to facilitate this assignment for PlaceMKR in the face of significant logistical challenges created by the COVID-19 crisis." Mr. Pava continued, "The property sits in a high-demand location, and with Austin's strong job growth over the past year, industrial demand is expected to weather the current crisis."
"Walker & Dunlop did a superb job in delivering a high-quality institutional lender at the peak of the pandemic, that will allow us to crystallize the maturation of this path of progress portfolio investment," said Christopher Cortese, Principal at PlaceMKR.
The warehouse is comprised of seven units located on 14.7 acres in southeast Austin. The property is in close proximity to the recently announced 2,100-acre Tesla Cybertruck Gigafactory campus, which lies east of the Austin-Bergstrom International Airport.
Walker & Dunlop has one of the strongest industrial finance networks in the industry, with over 100 dedicated experts in the sector. In 2019, Walker & Dunlop completed 85 industrial property transactions, totaling over
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About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 900+ professionals in 40 offices across the nation have an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.
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