Dealmaker: Walker & Dunlop Closes $1.9B Financing for Greystar

Walker & Dunlop, Bethesda, Md., secured a $1.9 billion portfolio of Freddie Mac loans that allowed Greystar Growth and Income Fund LP to acquire Monogram Residential Trust.

Greystar and its capital partners, affiliates of APG Asset Management, GIC Real Estate and Ivanhoé Cambridge, acquired Monogram Residential Trust, Plano, Texas, this week for $4.4 billion.

Walker & Dunlop Senior Vice Presidents Matt Wallach and Stephen West and Managing Director Craig West led the firm’s financing team.  

The financing included 36 distinct loans on multifamily properties in major metropolitan areas across the United States.

Walker & Dunlop also closed a portfolio of four refinance loans for Douglas Emmett Inc., Los Angeles, a real estate investment trust with a focus in the Southern California and Honolulu markets. Nearly 90 percent of the total loan amount–nearly half a billion dollars–qualified for Fannie Mae’s Delegated Underwriting and Servicing Green Rewards program, making it one of the largest transactions ever closed using Fannie Mae’s Green Rewards.

Walker & Dunlop Managing Director Allan Edelson led the team that structured and closed the loans with an all-in rate of under 3.2 percent.

“The loans took advantage of Fannie Mae’s DUS Green Rewards program, which involved environmental upgrades to three of the four properties in this financing,” Edelson said. “These improvements allowed the borrower to secure extremely competitive loan terms while ensuring more sustainable operations and cost savings for years to come.”

The interest-only loans are backed by four Class-A apartment properties located in Los Angeles and Santa Monica, Calif.

Edelson said Walker & Dunlop has closed $3.8 billion in green financing through June 30.