BETHESDA, Md.--(BUSINESS WIRE)--Nov 28, 2023--
Walker & Dunlop, Inc., Affinius Capital LLC (“Affinius Capital”) and Clarion Partners announced today that they arranged $157.5 million in loan proceeds to refinance Post District, a Class A mixed-use complex in downtown Salt Lake City, Utah. Post District is part of a three-phase project and consists of 580 residential units across four buildings with approximately 26,000 rentable square feet of retail space.
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Post District Residences (Photo: Business Wire)
The Walker & Dunlop New York Capital Markets team, led by Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, and William Herring, co-originated the loan with Affinius Capital and Clarion Partners. The teams arranged the transaction on behalf of Bridge Investment Group and Lowe Property Group to repay the existing debt, fund future costs to complete the construction, and repatriate equity to the client as the project continues the lease-up of its newly delivered units.
"We are proud to have provided exceptional terms in collaboration with our partners for Bridge Investment Group, a valued client," said Sean Reimer, managing director of Capital Markets at Walker & Dunlop. “Post District will drive downtown Salt Lake City’s evolution, while the competitive financing package will unlock immediate value for the future of the Sponsor’s opportunity zone platform."
“The Property features multiple buildings that cater to different tenant profiles and has leased up extremely well due to the high-quality amenities and mixed-use nature of the project encompassing an entire city block. Affinius Capital is delighted to do our first deal with Bridge Investment Group and Lowe Property Group, and we look forward to doing more business with them in the future,” said Tom Burns, managing director at Affinius Capital.
Post District represents an unparalleled walkable commercial and residential corridor located in the most sought-after neighborhood in Salt Lake City. Its diversified unit mix and building program feature dynamic architecture, spacious apartments, and thoughtful community amenities to appeal to young professionals and families continuing to flock to downtown Salt Lake. Serving as Salt Lake's next great expansion, Post District’s expansive programming is a draw for renters, especially those with high-paying jobs in and around downtown, including those who commute to tech jobs in Lehi.
Walker & Dunlop is a leader in multifamily property sales, having completed nearly $20 billion in property sales volume in 2022. The firm is also one of the top providers of capital to the U.S. multifamily market. Over the same period, Walker & Dunlop originated $44 billion in debt financing volume, including lending over $36 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
About Affinius Capital LLC
Affinius Capital® (previously known as USAA Real Estate and Square Mile Capital Management) is an integrated institutional real estate investment firm focused on value-creation and income generation. With a 40-year track record and $33 billion in net assets under management, Affinius has a diversified portfolio across North America and Europe providing both equity and credit to its trusted partners and on behalf of its institutional clients globally. For more information, visit www.affiniuscapital.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20231128385409/en/
CONTACT: Investors:
Kelsey Duffey
Investor Relations
Phone301.202.3207
investorrelations@walkeranddunlop.comMedia:
Nina H. von Waldegg
VP, Public Relations
Phone301.564.3291
info@walkeranddunlop.com
KEYWORD: MARYLAND NEW YORK UTAH UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY REIT
SOURCE: Walker & Dunlop, Inc.
Copyright Business Wire 2023.
PUB: 11/28/2023 06:30 AM/DISC: 11/28/2023 06:28 AM
http://www.businesswire.com/news/home/20231128385409/en