REAL ESTATE TECHNOLOGY
Broadmark Realty Capital | April 26, 2022
Broadmark Realty Capital Inc., an internally managed secured real estate finance company, announced that it is strengthening its Board of Directors with the addition of a new independent director, Pinkie D. Mayfield, effective today. Ms. Mayfield’s addition increases the size of the Board of Directors to eight members, including six independent directors.
We are very pleased to expand and further strengthen our Board of Directors. We welcome Pinkie and look forward to benefitting from her extensive experience in public relations, corporate affairs and investor relations. Pinkie will complement our already strong group of directors as we look to expand our business, execute our strategy to provide capital solutions for our customers, and maintain our commitment to our communities and the Company's stakeholders.”
Dan Hirsch, Chairman of Broadmark’s Nominating and Corporate Governance Committee
Ms. Mayfield has been Chief Communications Officer and Vice President of Corporate Affairs at Graham Holdings Company (formerly The Washington Post Company), a diversified conglomerate whose principal operations include education and media. In her current role since 2018, Ms. Mayfield is responsible for corporate affairs, public relations, communications and strategic initiatives. Since joining Graham Holdings in 1998, she has held a number of executive leadership positions.
Prior to joining Graham Holdings, Ms. Mayfield was a Vice President and Trust Officer at NationsBank (now Bank of America) in the Investment Services Division. A director of Founders Bank, a Washington D.C.-based community bank, she has chaired the audit committee since joining the board in 2020. Ms. Mayfield also serves as treasurer of the board of directors of the District of Columbia College Access Program and a trustee of the Philip L. Graham Fund. Ms. Mayfield graduated magna cum laude with a BA in business administration from Trinity Washington University and earned an MBA from the University of Maryland University College.
About Broadmark Realty Capital
Broadmark Realty Capital Inc. is a specialty real estate finance company, providing financing solutions generally in the $2 to $50 million range across the entire debt capital stack for commercial and residential real estate opportunities throughout the United States. Broadmark is particularly well equipped to address complex financing requirements that require rapid response, investing across a variety of market conditions and economic cycles.
REAL ESTATE TECHNOLOGY
Walker & Dunlop, Inc. | June 15, 2022
Walker & Dunlop, Inc. announced that it arranged $162,400,000 in construction financing for Mandarin Oriental Residences, Fifth Avenue, New York City's first turn-key branded residences available for sale. Located directly on Fifth Avenue at the intersection of East 54th Street in the heart of Manhattan's Plaza District, the property will be managed and operated by Mandarin Oriental, providing owners with access to luxury, five-star hotel services, without the hotel guests. Manhattan-based Northwind Group provided the whole loan solution through its discretionary debt fund. Northwind Group has originated in the last year $840 million of loans secured by 76 properties in NYC, Houston, Miami, and Chicago.
Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Bastian and Michael Ianno, led Walker & Dunlop's team in arranging the financing. The team served as exclusive advisor to their client, SHVO, the culture-defining real estate development and investment firm headquartered in New York City. Proceeds from the loan allowed SHVO to refinance the existing debt and capitalize for remaining construction costs to complete the conversion of the former Gucci NYC headquarters.
This transaction highlights the current demand – among both lenders and consumers – for uniquely-branded, turn-key condominium product located in one of Manhattan's most iconic neighborhoods. This financing will reinforce the project's swift completion, with closings anticipated later this year for this world-class, luxury product that is unavailable to buyers in today's market"
Aaron Appel, Senior Managing Director and Co-Head of New York Capital Markets for Walker & Dunlop
Ran Eliasaf, Founder and Managing Partner of Northwind Group said "We were able to curate a flexible financing solution for this once in a lifetime asset, that will assist our Borrower to achieve its goals, and complete the transformation of this property into one of Manhattan's most beautiful residential buildings. This financing fits well in our strategy and marks another step in our growth as a company. Northwind intends to deploy this year close to $1 billion in debt transactions in NYC and other major gateway cities."
SHVO has developed a forward-thinking best-in-class offering with residents having access to hotel-inspired living, encompassing the legendary service of Mandarin Oriental with the added security and privacy of a residential-only building. The Mandarin Oriental Residences feature 69 fully-furnished and accessorized homes ranging from junior suites to two-bedroom residences appointed with Molteni kitchens and fitted closets, Miele appliances, chevron oak floors, Juliet balconies, custom upholstery, and comprehensive wall coverings as well as Frette sheets, Georg Jensen silver, and custom champagne fixtures by Dornbracht gilded in 22 karat galvanized gold. In addition to white-glove Mandarin Oriental service, the suite of unparalleled amenities includes a state-of-the-art fitness center with steam, sauna, and treatment rooms; a private rooftop pool, with a lounge and bar, featuring views of Central Park; and a private restaurant by Michelin-Starred chef Daniel Boulud – Boulud Privé.
About Northwind Group
Northwind Group is a real estate private equity firm with offices in Manhattan and Cleveland that has transacted on $3.0+ billion worth of debt and equity investments covering a portfolio of over 100 properties and nearly 6M square feet. Northwind currently manages three discretionary debt funds providing acquisition, bridge, condo-inventory, construction, predevelopment and land loans secured by real estate and healthcare properties.
About Walker & Dunlop
Walker & Dunlop is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
Walker & Dunlop is the third largest provider of capital to the U.S. multifamily market, originating $49 billion in transactions in 2021. With one of the strongest networks in the industry, the firm's 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020.
REAL ESTATE INVESTMENT
Walker & Dunlop, Inc. | March 08, 2022
Walker & Dunlop, Inc. announced that it structured $302,241,000 in Freddie Mac financing for a portfolio of ten multifamily properties in central Connecticut. The portfolio comprises 2,286 units in total, over 75% of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency (FHFA) guidelines.
Taylor Williams, Managing Director in Walker & Dunlop's Capital Markets group, structured the financing on behalf of Beachwold Residential, a repeat client and family-owned real estate company headquartered in New York City. The team provided support to the client throughout the entire deal process, working to ensure the latest rental rate increases were captured in the appraisal and underwriting processes. The new loan effectively provided the borrower with an attractive fixed rate and additional proceeds.
Taylor Williams and his team are experts. They provided clear and prescient guidance throughout the process, and their reaction time to any queries we had was exceptional. They are truly professionals when it comes to dealing with this type of transaction."
Gideon Friedman, CEO of Beachwold Residential
"It was an honor to be chosen for this transaction by Gideon Friedman and the Beachwold team," Mr. Williams added. "We were able to effectively execute the deal with an excellent rate, thanks to our skilled team and solid partnership with Freddie Mac."
The ten-property portfolio is comprised of a diverse and unique set of communities with construction dates ranging from 1926 to 2008. The oldest property, 278 Main, was originally a schoolhouse, which was converted to apartments. Another distinctive property is Lofts at the Mills, a former mill that was recently converted to loft apartments. Most of the properties within the portfolio are situated in irreplaceable infill locations throughout Connecticut.
Walker & Dunlop was the top provider of capital to the U.S. multifamily market in 2020, and in 2021 the firm originated $49 billion in debt financing volume, including lending over $42 billion for multifamily properties.
About Walker & Dunlop
Walker & Dunlop is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
REAL ESTATE TECHNOLOGY
JPAR - Real Estate | March 23, 2022
JPAR Real Estate, America's #1 fastest-growing, full service 100% commission brokerage, announced the acquisition of John Walton Realtors in Lubbock Texas. John Walton Realtors has been serving the Lubbock community for more than 45 years. With nearly 40 sales associates, they have a long standing legacy of serving the West Texas market that is consistent with the values of JPAR - Real Estate - integrity, productivity and service.
We are excited to join forces with Wayne and Wendy Walton and all the associates of this amazing firm. Over the last 45 years they have created a market presence and legacy of service that we take very seriously. Both firms are known for exceeding customer expectations and serving the local community. We look forward to continuing that tradition of excellence."
Mark Johnson, President of JPAR - Real Estate
The firm's Lubbock office will remain at its current location and Wayne Walton will join the JPAR - Real Estate staff as a support broker. Wayne Walton said, "I am excited to join the JPAR - Real Estate family. Mark Johnson is an exceptional leader and visionary who has his pulse on how best to serve today's real estate professionals and the consumer. Our associates will benefit from a world-class technology platform and full service, a capped, transaction-based financial model."
Lubbock is a new market for JPAR - Real Estate and is the 11th-most populous city in Texas. With a population of 257,141 in 2020, the city is also the 86th-most populous in the United States. Lubbock's nickname, "Hub City", derives from it being the economic, educational, and health-care hub of the multi-county region, north of the Permian Basin and south of the Texas panhandle.
"It was important for us to partner with a solid operator like JPAR – Real Estate. Mark Johnson and the JPAR team understand the real estate brokerage business," stated Wayne Walton. We support their mission to develop influential industry leaders and we feel confident its industry-leading marketing, technology and training programs will benefit all of our associates and extend our legacy for years to come."
About JPAR - Real Estate
JPAR - Real Estate and JPAR Franchising is a full-service real estate brokerage and franchise platform offering a highly competitive transaction fee-based model and agent-centric culture. The JPAR platform provides agents 7 day-per-week broker support, physical office locations, a comprehensive tech stack and open architecture, physical office locations, marketing, lead generation, training, coaching, mentoring and agent health care. The company boasts more than 3,300 agents operating in 65 offices across 25 states and closes more than $8B annually in sales volume.