Mortgage banking firm Walker & Dunlop Inc. and apartment lender Green Park Financial LP have merged with Column Guaranteed LLC, a subsidiary of Credit Suisse Group. The new commercial real estate enterprise, which will be named Walker & Dunlop, will provide Fannie Mae, Freddie Mac and Department of Housing & Urban Development (HUD) origination and servicing expertise, the company says.
The new entity expects to originate over $3 billion of commercial mortgages on an annual basis for agency, HUD and other sources of commercial mortgage capital (e.g., life insurance companies, pension funds and conduits.) Walker & Dunlop's servicing portfolio will exceed $12 billion and include over 1,300 commercial assets nationwide. The company will be headquartered in Bethesda, Md., with additional offices in Atlanta; Baltimore; New Orleans; New York; Plano, Texas; and Walnut Creek, Calif.
Credit Suisse will own a minority interest in Walker & Dunlop and will work with the firm to identify strategic growth opportunities. William M. Walker will be the company's CEO, and Mallory Walker will remain a board member.
"The joint venture will create a first-class platform with enhanced origination capacity and servicing scale," says Kieran Quinn, president of Column Guaranteed, who will assume the role of vice chairman of Walker & Dunlop. "Column will benefit from Walker & Dunlop's 71 years of leadership in the mortgage banking industry and 20-year history and success that Green Park Financial has enjoyed in the agency lending arena. This venture will benefit from its alliance with Credit Suisse and its world-class investment bank, asset management and private banking operations. We are all enthusiastic about our new partnership."
SOURCE: Walker & Dunlop