WASHINGTON, DC-Cushman & Wakefield and Walker & Dunlop are partnering to provide clients with bundled investment sales and financing products with a focus, to state the obvious, on Fannie Mae, Freddie Mac and the US Department of Housing and Urban Development. The alliance, a first for Walker & Dunlop, springs from an already strong relationship between the two firms, illustrated recently by financing for the Residences at Loudoun Station, Walker & Dunlop CEO Willy Walker tells GlobeSt.com.
In that deal, which closed earlier this year, Walker & Dunlop helped secure a $70.1-million loan insured under HUD’s Section 220 program. The 357-unit mixed-use project, which also includes 61,575 square feet of commercial space, is set to deliver in July 2012. Cushman & Wakefield Sonnenblick Goldman sourced the loan for the borrower, Comstock Partners LLC. It was structured at a 90% loan-to-cost and will convert into a 40-year fully amortizing mortgage after construction is complete.
Walker announced his intention to move into investment sales when W&D went public. “I told investors at the time of our IPO that we needed to be in the investment sales space particularly in multifamily and so we will look to buy, build or partner with a firm.”
C&W’s multifamily investment sales business, which expects to reach nearly $3 billion of multifamily sales in 2011, was a natural partner, he says. Providing bundled services through partnerships is a common strategy.
Examples of similar alliances include CWCapital joining with Apartment Realty Advisors and Hendrix partnering with Wells Fargo. Also, CB Richard Ellis and HFF both offer platforms that bundle investment sales with financing.
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