Walker & Dunlop Structures Equity and Debt Construction Financing for New Multifamily Property in Washington, D.C.
BETHESDA, Md., May 21, 2018 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it recently structured equity and debt financing for the construction of Watkins Alley, a luxury 44-unit townhome and condo development located in the heart of Capitol Hill in Washington, D.C. The development team for Watkins Alley is led by Ditto Residential and the project will include 29 townhomes, 14 condominiums, and one carriage house, with one level of below-grade parking.
"We're thrilled to partner with Walker & Dunlop to embark on this rare opportunity to meet the overwhelming demand for new luxury housing product in the supply-constrained Capitol Hill submarket," said Martin Ditto, CEO of Ditto Residential. "With its ideal location in the heart of one of the most prestigious neighborhoods in Washington, D.C., we are confident that Watkins Alley will provide a truly exceptional living experience for its residents."
As the exclusive advisor to Ditto Residential, Walker & Dunlop's Structured Finance team, led by Managing Director Jamie Butler, sourced the senior construction loan from a regional bank and structured the joint venture equity with Grosvenor Americas, a private property investment and development company.
"While there is generally limited capital available for large-unit luxury condominium projects, our marketing process attracted a wide range of capital solutions for Watkins Alley aided by the exceptional location of the project and proven track-record of Ditto Residential in the sector. As a result, we were able to deliver an extremely efficient capital stack for the client," said Mr. Butler. "Watkins Alley marks the third assignment Walker & Dunlop has closed for Ditto Residential in the past six months, and we look forward to continuing to play a part in their exceptional growth and success."
Watkins Alley enjoys an ideal location within one of the most desirable neighborhoods in Washington, D.C. Situated just one block from the Potomac Avenue Metro station and four blocks from the Eastern Market Metro station, the property will provide exceptional access to the city's best restaurants, nightlife, and local hot spots, as well as the greater D.C. Metropolitan Area. Two grocery stores are within one block of the property and more than 100 restaurants, bars, and shops are within walking distance. As homage to this historic neighborhood, the design of the community will reflect and complement its surrounding aesthetic through spectacular landscaping, large community courtyards and pedestrian spaces, and innovative building design. The redevelopment of the property will seamlessly blend the vintage charm of Capitol Hill with the contemporary demands of today's urban buyers.
Walker & Dunlop's Structured Finance Group provides access to all commercial real estate finance options in the capital stack, including joint venture equity, preferred equity, mezzanine financing, as well as bridge and construction senior debt financing. The team has a nationwide presence and strong global relationships with a range of capital providers including institutional funds, pension funds, life insurance companies, private equity firms, REITs, foreign capital, registered investment advisors, and high net worth individuals. The group's experienced team members have collectively closed over $72 billion in transactions over the course of their careers.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.
