Walker & Dunlop Investment Partners (WDIP) is expanding its programmatic joint venture with Ivanhoé Cambridge, the global real estate portfolio of CDPQ. The partnership, launched in 2021, aims to double its size to US$500 million and make preferred equity investments in various residential asset classes across the United States.
According to Mitch Resnick, president of WDIP, their product is designed for sponsors looking to achieve their desired leverage targets on acquisitions and refinancings while generating strong risk-adjusted cash-on-cash and total returns for their programmatic joint venture. He also highlighted that Ivanhoé Cambridge is a renowned institution known for long-term partnerships.
The JV will continue investing in multifamily properties nationwide along with student housing and manufactured housing assets. Their focus will be on cash-flowing properties primarily located in top 25 MSAs with investment horizons ranging from three- to 10-years. This expansion comes at a time when there is an increasing demand for preferred equity at competitive costs amidst challenging debt capital market conditions.
This news was originally published by Connect CRE.
