Bethesda-based real estate financing firm Walker & Dunlop Inc. (NYSE: WD) has agreed to acquire a Denver-based asset management platform, the company announced Wednesday.
The publicly traded firm’s acquisition of JCR Capital, which provides capital solutions to commercial real estate sponsors nationally, is “an important step” for Walker & Dunlop and brings the company closer to its goal of building an $8 billion to $10 billion asset management business by 2020, said Willy Walker, its chairman and CEO, in a statement.
“JCR’s reputation, investor base, and growth-oriented culture fit extremely well with Walker & Dunlop,” he said, adding the move will help expand its products and services to customers across the U.S.
JCR has more than $800 million in assets under management, with experience investing institutional capital in commercial real estate. The acquisition brings Walker & Dunlop’s total assets under management to more than $1 billion.
The all-cash transaction is expected to close in the second quarter, according to the company. Terms of the deal were not disclosed.
Jay Rollins and Maren Steinberg, co-founders and managing principals of JCR, will continue to lead its daily operations under 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,” Rollins said in a statement.
Walker & Dunlop, founded in 1937, has been growing its national footprint, with a 2016 acquisition of a $3.8 billion HUD servicing portfolio and other developments in recent years. The firm, which provides financing and investment sales to owners of commercial and multifamily properties, has more than 600 employees across 28 U.S. offices.