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Walker & Dunlop Secures $82 Million in Bridge Financing for Lakeside Apartments in Texas

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Walker & Dunlop Secures $82 Million in Bridge Financing for Lakeside Apartments in Texas

Walker & Dunlop, Inc. announced today that it structured $81,827,200 in bridge financing for the acquisition and repositioning of Landmark at Lake Village North and Landmark at Lake Village East, two garden-style apartment communities in Garland, Texas. The multifamily properties are undergoing significant renovations and will cater to residents looking to live near Bayside, the $1 billion master-planned, resort-style development along the shore of Lake Ray Hubbard. Once complete, Bayside will feature upscale restaurants, retail, beachfront recreational activities, office space, and Texas’ first Crystal Lagoon, an eight-acre manmade pool with clear turquoise water.

Led by Managing Director Alex Inman, Walker & Dunlop secured two bridge loans from a regional bank on behalf of the owner, Madera Residential. The financing will allow the owner to execute their business plan of repositioning both multifamily communities. Each three-year loan includes favorable terms, is partial interest-only, and is followed by a 30-year amortization.

“Having closed nearly 30 transactions with Walker & Dunlop already, it’s no surprise they executed flawlessly on the transactions of both Landmark at Lake Village East & North.” Commented Alton Smith at Madera Residential. “Alex and his team were able to present several different financing options from various lending sources, allowing us to choose the best fit for our business plan.”

Said Mr. Inman, “Madera Residential is a highly skilled multifamily owner in the Dallas area and we are certain that their improvements will increase value for both the owner and residents.” He added, “We are pleased to be part of an exciting project in a growing area of Texas.”

Both properties were constructed in 1983 and are undergoing a comprehensive upgrade program to renovate unit interiors, make exterior improvements, and increase offerings to residents. As part of their business plan, Madera Residential’s use of the loan proceeds improving curb appeal and interiors will add significant value to the overall portfolio.

Landmark at Lake Village North is an 848-unit, garden-style apartment community located near the intersection of Interstates 635 and 30 and close to the President George Bush Turnpike. Landmark at Lake Village East is a 321-unit, garden-style apartment community that sits on a peninsula of Lake Ray Hubbard. Amenities at the properties include features such as multiple swimming pools, several basketball courts, sand volleyball courts, tennis courts, dog parks, a playground, clubhouse with coffee lounge, 24-hour fitness center, and picnic and barbeque areas.

The properties enjoy quick access to both Downtown and Uptown Dallas, as well as the Firewheel, CityLine, and Rockwall neighborhoods. The properties are also well-positioned near future employment hubs within the submarket, such as the redevelopment of Big Town Mall into a new FedEx outpost.

Walker & Dunlop is a leader in the multifamily lending space, ranking as the #1 Fannie Mae DUS® Lender in 2017 and within the top five largest multifamily lenders with Freddie Mac and HUD. Our brokered loan originations have also significantly increased, growing at a compound annual rate of 28 percent from 2014 to 2017. Learn more about our ability to execute on a variety of financing types

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Sunak to use budget to expand apprenticeships in England

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Sunak to use budget to expand apprenticeships in England 1

LONDON (Reuters) – British finance minister Rishi Sunak will announce more funding for apprenticeships in England when he unveils his budget next week, the government said on Friday.

Employers taking part in the Apprenticeship Initiative Scheme will from April 1 receive 3,000 pounds ($4,179) for each apprentice hired, regardless of age – an increase on current grants of between 1,500 and 2,000 pounds depending on age.

The scheme will extended by six months until the end of September, the finance ministry said.

Sunak will also announce an extra 126 million pounds for traineeships for up to 43,000 placements.

Sunak’s March 3 budget will likely include a new round of spending to prop up the economy during what he hopes will be the last phase of lockdown, but he will also probably signal tax rises ahead to plug the huge hole in the public finances.

Sunak is also expected to announce a “flexi-job” apprenticeship scheme, whereby apprentices can join an agency and work for multiple employers in one sector, the finance ministry said.

“We know there’s more to do and it’s vital this continues throughout the next stage of our recovery, which is why I’m boosting support for these programmes, helping jobseekers and employers alike,” Sunak said in a statement.

(Reporting by Andy Bruce, editing by David Milliken)

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UK seeks G7 consensus on digital competition after Facebook blackout

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UK seeks G7 consensus on digital competition after Facebook blackout 2

LONDON (Reuters) – Britain is seeking to build a consensus among G7 nations on how to stop large technology companies exploiting their dominance, warning that there can be no repeat of Facebook’s one-week media blackout in Australia.

Facebook’s row with the Australian government over payment for local news, although now resolved, has increased international focus on the power wielded by tech corporations.

“We will hold these companies to account and bridge the gap between what they say they do and what happens in practice,” Britain’s digital minister Oliver Dowden said on Friday.

“We will prevent these firms from exploiting their dominance to the detriment of people and the businesses that rely on them.”

Dowden said recent events had strengthened his view that digital markets did not currently function properly.

He spoke after a meeting with Facebook’s Vice-President for Global Affairs, Nick Clegg, a former British deputy prime minister.

“I put these concerns to Facebook and set out our interest in levelling the playing field to enable proper commercial relationships to be formed. We must avoid such nuclear options being taken again,” Dowden said in a statement.

Facebook said in a statement that the call had been constructive, and that it had already struck commercial deals with most major publishers in Britain.

“Nick strongly agreed with the Secretary of State’s (Dowden’s) assertion that the government’s general preference is for companies to enter freely into proper commercial relationships with each other,” a Facebook spokesman said.

Britain will host a meeting of G7 leaders in June.

It is seeking to build consensus there for coordinated action toward “promoting competitive, innovative digital markets while protecting the free speech and journalism that underpin our democracy and precious liberties,” Dowden said.

The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada, but Australia has also been invited.

Britain is working on a new competition regime aimed at giving consumers more control over their data, and introducing legislation that could regulate social media platforms to prevent the spread of illegal or extremist content and bullying.

(Reporting by William James; Editing by Gareth Jones and John Stonestreet)

 

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Britain to offer fast-track visas to bolster fintechs after Brexit

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Britain to offer fast-track visas to bolster fintechs after Brexit 3

By Huw Jones

LONDON (Reuters) – Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.

Finance minister Rishi Sunak said that now Britain has left the European Union, it wants to make sure its immigration system helps businesses attract the best hires.

“This new fast-track scale-up stream will make it easier for fintech firms to recruit innovators and job creators, who will help them grow,” Sunak said in a statement.

Over 40% of fintech staff in Britain come from overseas, and the new visa scheme, open to migrants with job offers at high-growth firms that are scaling up, will start in March 2022.

Brexit cut fintechs’ access to the EU single market and made it far harder to employ staff from the bloc, leaving Britain less attractive for the industry.

The review published on Friday and headed by Ron Kalifa, former CEO of payments fintech Worldpay, set out a “strategy and delivery model” that also includes a new 1 billion pound ($1.39 billion) start-up fund.

“It’s about underpinning financial services and our place in the world, and bringing innovation into mainstream banking,” Kalifa told Reuters.

Britain has a 10% share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.

The review said Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as COVID-19 accelerates digitalisation of finance, all mean the sector’s future in Britain is not assured.

It also recommends more flexible listing rules for fintechs to catch up with New York.

“We recognise the need to make the UK attractive a more attractive location for IPOs,” said Britain’s financial services minister John Glen, adding that a separate review on listings rules would be published shortly.

“Those findings, along with Ron’s report today, should provide an excellent evidence base for further reform.”

SCALING UP

Britain pioneered “sandboxes” to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up “scale-boxes” to help fintechs navigate red tape to grow.

“It’s a question of knowing who to call when there’s a problem,” said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.

A UK fintech wanting to serve EU clients would have to open a hub in the bloc, an expensive undertaking for a start-up.

“Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here,” Swinburne said.

The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).

“There is no framework but bits of individual policies, and nowhere does it come together,” said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.

($1 = 0.7064 pounds)

(Reporting by Huw Jones; editing by Jane Merriman and John Stonestreet)

 

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