LONDON, UK / ACCESSWIRE / September 22, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Walker & Dunlop, Inc. (NYSE: WD), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=WD. The Company announced on September 20, 2017, that it has arranged financing for completing the acquisition of Monogram Residential Trust, Inc. (NYSE: MORE) by Greystar led Fund. Greystar led Fund completed the acquisition of Monogram on September 19, 2017. The total value of the acquisition was approximately $4.4 billion including joint venture interests and debts. Walker & Dunlop had arranged for $1.9 billion portfolios of Freddie Mac loans to Greystar led Fund for this acquisition. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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About the Greystar/Monogram deal
Greystar Growth and Income Fund, L.P. (a newly formed perpetual life fund), led by Greystar Real Estate Partners and its initial founding capital partners, affiliates of APG Asset Management N.V., GIC, and Ivanhoé Cambridge (Greystar led Fund) had announced the acquisition of Monogram Residential Trust in July 2017. Monogram is an owner, operator, and developer of luxury apartment communities with a significant presence in select coastal markets. The transaction was valued at approximately $3 billion including debt, assumed or refinanced at the time of the announcement. As part of the transaction, Greystar also gained Monogram's share in two joint ventures with PGGM, a cooperative Dutch pension fund service provider, and NPS. As per the terms of the deal, the JV will be restructured and Greystar will acquire NPS's interest in the JV via a separate sale agreement valued approximately $0.5 billion including debt.
The acquisition was completed by Greystar on September 19, 2017, after receiving approval from Monogram's shareholders. Monogram's shareholders received $12 in cash for each Monogram share. As the transaction is completed, Monogram shares stopped trading on New York Stock Exchange (NYSE) on September 20, 2017.
Monogram's portfolio as on June 30, 2017, consisted of investments in 13,438 apartment homes in 48 multifamily communities in 10 states across the US. With the completion of this acquisition, Greystar will expand its current portfolio with the addition of Monogram's investments.
Details of Funding by Walker & Dunlop
Walker & Dunlop provided a portfolio of Freddie Mac's loans to Greystar led Fund valued approximately $1.9 billion. The financing included 36 distinct loans on multifamily properties located in major metropolitan areas across US. The portfolio of Freddie Mac's loans included 62% floating rate loans and 38% fixed rate loans. The financing of $1.9 billion in Freddie Mac's loans, was the largest financing done in the history of the Company. Matt Wallach - Senior Vice President, Stephen West - Senior Vice President, and Craig West - Managing Director were the members of Walker & Dunlop's financing team who worked on this deal.
Walker & Dunlop is the third largest Freddie Mac's Multifamily Approved Seller and has originated approximately $2.3 billion of Freddie Mac's loans within H1 2017. This is a 33% increase of such loans compared to the same period in FY16.
Commencing on the successful financing of the deal, Willy Walker, Chairman and CEO of Walker & Dunlop said:
"It is a true honor to have been selected by Greystar to finance the largest transaction in its illustrious history. The Walker & Dunlop team, along with our partners at Freddie Mac, executed flawlessly on this large, complex transaction. There are only a few multifamily lenders in the country with the scale and expertise with the GSEs to execute on a transaction of this nature, and it is a testament to Walker & Dunlop's growth, and the incredible team we have, that we were able to execute on this financing so well."
David Brickman, Executive Vice President & Head of Freddie Mac Multifamily, added:
"We were thrilled to work so closely with the incredible team at Walker & Dunlop and Greystar to facilitate this significant acquisition."
About Walker & Dunlop
Bethesda, Maryland based Walker & Dunlop was founded in 1937 and is one of the largest premier commercial real estate and finance Company in the US. The Company provides customized financing solutions to owners of multifamily and commercial properties. The Company has become the eighth-largest commercial mortgage servicer in the US, with a servicing portfolio of $66 billion as on June 30, 2017. In FY16, the Company recorded total transaction volume of $19 billion and generated total revenues of $575 million. The Company has offices in over 28 locations across the US and is supported by a team of 600 professionals with decades of experience. The Company recently launched its new website on September 19, 2017.
Last Close Stock Review
Walker & Dunlop's share price finished yesterday's trading session at $48.39, marginally advancing 0.60%. A total volume of 260.98 thousand shares have exchanged hands, which was higher than the 3-month average volume of 207.99 thousand shares. The Company's stock price skyrocketed 0.06% in the last three months, 12.69% in the past six months, and 87.41% in the previous twelve months. Additionally, the stock soared 55.10% since the start of the year. Shares of the Company have a PE ratio of 10.69 and currently have a market cap of $1.52 billion.
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