Walker & Dunlop (WD) has entered into a joint venture with an affiliate of a fund managed by Fortress Investment Group (FIG) to form a commercial mortgage-backed security lending platform to provide financing for multifamily and commercial real estate properties, the company announced in a press release.
The new platform will be named Walker & Dunlop Commercial Property Funding and will provide first mortgages on all commercial property types.
Additionally, the venture will originate high yield whole loans, mezzanine debt and preferred equity.
"Walker & Dunlop finished 2012 as the 10th largest commercial real estate lender in the United States and third largest multifamily lender as a major partner to Fannie Mae, Freddie Mac, and HUD," commented Willy Walker, Walker & Dunlop's Chairman and CEO. "This new initiative with Fortress Investment Group allows us to leverage our scaled origination, underwriting, servicing and asset management infrastructure to offer an alternative capital source for all commercial real estate asset classes. Over the past year,Walker & Dunlop has expanded to 20 offices across the country, and this new venture will provide our clients with a significantly diversified proprietary lending platform to meet their financing objectives."
