Denver, CO – June 13 , 2024 –Walker & Dunlop Investment Partners (WDIP) announced today that it targets to double the size of its programmatic joint venture with Ivanhoé Cambridge, the global real estate portfolio of CDPQ, to US$500 million. The partnership, initially formed in 2021, intends to make preferred equity investments in residential asset classes across the United States.
“We’re excited to expand our relationship with Ivanhoé Cambridge and provide a much-needed capital solution in the current lending environment. Over the last two years we have refined a reliable preferred equity structure and efficient underwriting process that allows us to provide certainty of execution,” said Mitch Resnick, president of WDIP. “Our product is designed to help sponsors achieve their desired leverage targets on acquisitions and refinancings while generating compelling risk adjusted cash-on-cash and total return for our programmatic joint venture.”. Ivanhoé Cambridge is a world-class institution focused on long-term partnerships, and we look forward to continuing our successful partnership together.”
The joint venture will continue to make preferred equity investments in multifamily, student housing, and manufactured housing properties throughout the United States, focusing on cash-flowing assets, primarily in top 25 MSAs, with a range of three- to ten-year investment horizons. The venture will continue to address the growing need for preferred equity at an attractive cost of capital in a challenging debt capital market environment.
“Our partnership with WDIP is part of our broader strategy to increase investments within the preferred equity space in line with our sectoral convictions, providing a much-needed capital solution at an attractive risk-adjusted return profile,” said Eric Desjardins, Senior Director, Investments, U.S. Residential at Ivanhoé Cambridge. “We have built a strong portfolio with WDIP, leveraging our collective expertise in multifamily financing and investment. Looking ahead, we see solid growth opportunities for the partnership and look forward to continuing to serve as a market leader in this space.”