(Save the date: RealShare Apartments comes to theWestin Bonaventure, Los Angeles, October24.)
BETHESDA, MD-In a deal that tips the scales at $234 million,locally based Walker & Dunlop has closed onits purchase of CWCapital. CWC was wholly owned byfunds managed by affiliates of Fortress InvestmentGroup. The price of the deal, which GlobeSt.com reported on in June, is comprisedof $80 million in cash and the issuance of 11.6 million shares ofcommon stock to an affiliate of Fortress worth $154 million, basedon Walker’s August 31 closing share price. An affiliate of Fortressis now Walker & Dunlop’s largest shareholder and will take twoseats on the board.
In a statement, spokespeople for Walker put 2011 originationsfor both firms at $7.7 billion. That would have placed the combinedfirms in the Number-Two slot among multifamily lenders and Number 8among US commercial lenders in the Mortgage BankersAssociation’s production rankings for that year.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
