Washington DC + Finance | May 1, 2020

Walker & Dunlop Arranges $2.4B Refi of D.C.-Area Apartments

Walker & Dunlop, Inc. said Thursday that it closed the largest transaction in company history; a $2.4-billion Fannie Mae Credit Facility to refinance 67 multifamily properties in the Washington, D.C. metro area.

The borrower, Southern Management Corporation, is reportedly the largest privately-owned residential property-management company in the Mid-Atlantic.

A team of Brendan Coleman, Chris Forte, Connor Locke, Colin Coleman, Adam Johnston, and Skye Stansbury structured the financing to provide the borrower maximum flexibility, with staggered maturities across a mix of fixed and floating-rate, full-term, interest only financing.

Willy Walker, Walker & Dunlop chairman and CEO, said, “It is an incredible honor to be the selected financing partner for Southern Management, and is reflective of the team, brand, and capabilities we have built at Walker & Dunlop.”

The portfolio financed is comprised of 22,439 units in total. More than 60% qualify as mission-driven, affordable housing under Federal Housing Finance Agency guidelines.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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