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Greystar Gets $1.9B Freddie Mac Loan To Acquire Monogram Residential Trust

Walker & Dunlop has closed on a $1.9B portfolio of Freddie Mac loans for Greystar Growth and Income Fund.


The transaction is in connection with Atlanta-based Greystar's acquisition of Monogram Residential Trust and is the largest financing deal in Bethesda, Maryland-based Walker & Dunlop's history.

"[This deal] is pretty monumental and historic for the company," Senior Vice President Walker & Dunlop Stephen West said.

Greystar purchased Plano, Texas-based Monogram in July for $3B in a joint venture deal with Europe-based investor APG Asset Management N.V., GIC and Canada’s Ivanhoé Cambridge.

It included the acquisition of 49 apartment complexes that totalled 14,000 units spanning 10 states, and is expected to close by the end of the year. 

The latest financing transaction includes 36 multifamily property loans in several major metropolitan areas across the U.S. including San Francisco, L.A., Atlanta, Houston, Boston and Dallas, among others. The portfolio is made up of 62% floating rate loans and 38% fixed rate loans.

According to West, the deal took about two months to complete from start to finish.

“It is a true honor to have been selected by Greystar to finance the largest transaction in its illustrious history,” Walker & Dunlop Chairman and CEO Willy Walker said in a release. "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."

Walker & Dunlop also rolled out its new website and branding today in order to showcase the breadth of the company's capabilities.

"The new site is a reintroduction of our company. As we’ve grown significantly since our IPO and done many of these bigger deals, the market might not know all our capabilities," Walker & Dunlop Vice President of Marketing Communications Chris Zegal said.