Walker & Dunlop has agreed to acquire the other half of a commercial mortgage-backed securities joint venture it has with Fortress Investment Group.
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Financial terms of the acquisition were not disclosed. Walker & Dunlop, in Bethesda, Md., does not expect its increase in ownership will have a material impact on its finances.
Walker & Dunlop has also hired Bob Restrick to lead the joint venture, called Walker & Dunlop Commercial Property Funding. Restrick was previously a managing director at Annaly Capital Management.
The joint venture closed $337 million in CMBS loans through Sept. 30.
