New York-based Blackstone Mortgage Trust, Inc. (BXMT) and Bethesda, MD-based Walker & Dunlop, Inc. entered into a joint venture to originate, hold and finance multifamily bridge loans. BXMT, which is externally managed by Blackstone’s subsidiary BXMT Advisors L.L.C., will contribute 85% of the venture’s equity capital and Walker & Dunlop intends to contribute 15%.
The joint venture’s floating rate, first mortgage loan product targets assets prior to their eligibility for permanent agency financing. The JV says assets that fit this profile comprises an addressable market estimated to be upwards of $20 billion.
BXMT’s Steve Plavin said, “Walker & Dunlop’s market leading multifamily and agency loan footprint makes it an ideal partner for us as we seek to help borrowers bridge their financing until an agency take out.”
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