BETHESDA, Md., —Walker & Dunlop, Inc. announced that its investment sales group, Walker & Dunlop Investment Sales, assisted in the capitalization for the construction of Mosby University City, a 309-unit, Class A apartment development in Charlotte, North Carolina.
The Walker & Dunlop team was led by Managing Directors Telly Fathaly and Elliot Howell, who advised the property developer, Middleburg. The team structured a $9,290,370 joint venture investment from The Mattoni Group, marking the first joint venture between the two firms. Middleburg’s business plan includes a long-term hold strategy once the development is complete, a goal that Fathaly and Howell effectively accommodated throughout the process, structuring an agreement which facilitated the partners’ mutual business objectives.
Mr. Fathaly stated, “Middleburg’s track record of success and the strength of the Charlottemarket – including the successful rollout of the Lynx Blue Line, which has a stop across the street from the property – allowed us to present them with several capitalization options for this project. We are confident that the strong alignment between Middleburg and Mattoni will result in a best-in-class partnership.”
“We are thrilled to be entering the Charlotte market with what we are confident is the best site in the University City submarket. We are looking forward to bringing a truly differentiated product to the submarket and benefitting from the expanding jobs and amenity base, as well as the proximity to The University of North Carolina at Charlotte, one of the fastest growing research institutions in the country,” stated Kory Geans of Middleburg.
Walker & Dunlop is a leader in the commercial real estate finance space and has grown the geographic footprint of its investment sales team, adding offices in California, Texas, and Massachusetts over the past year. Having closed approximately $6.1 billion in sales within the last 24 months, the company’s investment sales team is active in representing and advising clients throughout the country.