Bethesda’s Walker & Dunlop Closes On Largest Transaction in Company History and Inside the Washington, D.C. Metropolitan Area.
Some real estate firms are finding the opportunity to report good news during the COVID-19 pandemic which could signal a speedy recovery in the aftermath of the coronavirus shutdown. Such is the case for Walker & Dunlop (NYSE: WD), one of the nations largest commercial real estate finance companies. The company has financed a multitude of multifamily projects for real estate owners and developers across the country but today announced the largest transaction in the companies history and it just so happens to be in the Washington, D.C. metropolitan area.
The Bethesda-based firm said it closed on a Fannie Mae Credit Facility transaction to refinance 67 multifamily properties for $2.4 billion. The borrower is one of the largest in the D.C. area, Southern Management Corporation which holds more than 22,439 units with 60 percent determined to be affordable housing according to the Federal Housing Finance Agency (FHFA).
Southern Management selected Walker & Dunlop in the financing deal, a number one DUS lender in 2019 according to Jeffery Hayward, Executive Vice President of Multifamily, Fannie Mae.
Walker & Dunlop stock peaked at $78.79 for the year on Feb 20 and closed at less than half that amount today at $36.90, it's considered undervalued by some metrics such as indicators from Yahoo! Finance.