A property from the Oro Development Ohio portfolio that Walker & Dunlop refinanced

WESTERVILLE AND COLUMBUS, OH—Maryland-based Walker & Dunlop is providing $93.455 million in short-term financing through its bridge lending program for the acquisition of a four-property multifamily portfolio located in Westerville and Columbus, OH.

Walker & Dunlop's team was led by Sandor Biderman of the firm's proprietary capital group, and Brian Eisner of the capital markets group.

Completed on behalf of repeat-client Oro Capital Advisors, the three-year, nonrecourse loan provides planned capital expenditure funding for property rehabilitation and repositioning. Due to complex property ownership transfer requirements in Ohio, the team worked diligently to accommodate a cross-collateralized funding structure.

This transaction is the latest example of Walker & Dunlop's commitment to preserve and develop new housing opportunities in thriving communities across the nation. The funding provided by Walker & Dunlop allowed Oro Capital Advisors to acquire the multifamily portfolio on an expedited timeline with flexible prepayment options and at a competitive rate.

“We built our bridge lending program to fill a gap in the marketplace, providing short-term, nonrecourse loans for multifamily properties that are being repositioned as part of a new business strategy,” says Biderman. “We have now completed approximately $2 billion in bridge loans since the start of the program and – being one of the largest multifamily lenders in the country – we have the expertise to deliver flexible solutions that meet our customers' diverse needs.”

As single-family home prices trend upward across the country, secondary markets such as Columbus continue to see steady population and rent growth. In 2017, the Columbus market experienced the second-highest net operating income growth within Walker & Dunlop's multifamily servicing portfolio, and Ohio ranked second on the state level. This is largely due to the area's relatively low cost of living and diversified base of core industries, which include retail and e-commerce, technology, cybersecurity, finance, manufacturing, and automotive.

Each of the portfolio's properties are well-located and poised to capitalize on the positive rent environment, thanks to their location within a metropolitan area exhibiting strong fundamentals.

Instant Insights /

Walker & Dunlop Provides $93M Bridge Financing to Reposition Ohio Apartment Portfolio

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