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Walker & Dunlop is buying a $3.8B portfolio of federally insured debt from Oppenheimer Multifamily Housing & Healthcare Finance, for around $45M.
The portfolio is made up of over 480 multifamily and healthcare loans, all insured by the US Department of Housing and Urban Development. The purchase, set to go through June 20, will make Walker & Dunlop the largest HUD Multifamily/Healthcare servicer in the country, the Bethesda, MD-based firm announced.
Walker & Dunlop CFO Stephen Theobald (pictured) says the deal follows his firm’s goal, set in 2012, to up the amount of revenue coming from servicing and other non-transaction-based fees.
“Over the past several years, the servicing portfolio has seen steady growth with the value of its revenue streams becoming increasingly apparent in the financial stability and flexibility provided to the business,” Stephen says. “The opportunity to acquire a portfolio of this size is rare and our strong cash position allowed us to move quickly to accelerate the accomplishment of our goal."
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