DENVER – Walker & Dunlop, Inc. (NYSE: WD), one of the largest commercial real estate services and finance companies in the United States, will acquire a Denver-based asset management platform, the company announced Wednesday.
JCR Capital (“JCR”), an alternative investment manager that provides capital solutions to commercial real estate sponsors throughout the United States, has more than $800 million in assets under management. JCR has a strong track record investing institutional capital in commercial real estate including joint venture equity, preferred equity, mezzanine debt, and transitional first-trust loans.
“The acquisition of JCR, a registered investment advisor with an established asset base and track record, is an important step towards our goal of building an $8 to $10 billion asset management business at Walker & Dunlop by 2020. JCR’s reputation, investor base, and growth-oriented culture fit extremely well with Walker & Dunlop. We are excited to welcome Jay Rollins, Maren Steinberg, and the entire JCR team to Walker & Dunlop and expand the products and services we currently provide to our customers across the United States,” said Walker & Dunlop Chairman and CEO, Willy Walker.
JCR’s Co-Founders and Managing Principals, Jay Rollins and Maren Steinberg, will continue to lead JCR’s daily operations as part of Walker & Dunlop.
“We believe that Walker & Dunlop’s scale and deep client relationships will benefit JCR’s fund investors while allowing JCR to continue to build out its middle market commercial real estate finance platform,” said Mr. Rollins.
The acquisition of JCR will bring Walker & Dunlop’s total assets under management to over $1 billion, inclusive of the company’s portfolio of multifamily bridge loans through its joint venture with Blackstone Mortgage Trust.
Walker & Dunlop expects the all-cash transaction to close in the second quarter of 2018. The transaction is subject to customary closing conditions, including obtaining applicable consents from existing investors in JCR funds.
