Walker & Dunlop has taken full ownership of the joint venture it launched with a fund managed by an affiliate of Fortress Investment Group in 2013, Walker & Dunlop Commercial Property Funding (WDCPF), replacing its original CEO.
Bob Restrick, former managing director at Annaly Capital Management, Inc., replaces Tim Koltermann as CEO of WDCPF, a CMBS lending platform which provides first mortgage loans, high-yield whole loans, mezzanine debt and preferred equity on commercial assets across the US since mid-2013.
The Bethesda, Maryland-based company confirmed that Koltermann is no longer with the company but declined to comment further on the circumstances surrounding his departure.
The company failed to reach the $1 billion CMBS origination goal it had set for 2014 and again missed that mark in 2015. It closed just $337 million in CMBS loans since mid-2014, according to a press release announcing the buyout of the platform. Willy Walker, chairman and CEO at Walker & Dunlop, remains optimistic as a wave of CMBS maturities come due.
“The upcoming commercial mortgage maturities are dominated by CMBS loans that provide a significant opportunity for refinancing in the coming years,” Walker said in the statement, adding that the firm does not expect the WDCPF deal to have a material impact on its financial results.
Restrick comes to WDCPF with 25 years of experience in CMBS, starting out as a senior associate at Morgan Stanley and most recently managing director at Annaly Capital Management, Inc. Koltermann also brought 25 years experience in commercial loan originations, structuring and securitization.