Walker & Dunlop Arranges $1.72B Freddie Mac Refinance of Starwood's 12,955-Unit Multifamily Portfolio

Walker & Dunlop, Inc. has originated $1.719 billion in loan proceeds through Freddie Mac to refinance a 52-asset, 12,955-unit multifamily portfolio owned by Starwood Property Trust (SREIT), the firms announced April 15. The portfolio, known as the Strata Portfolio, consists predominantly of workforce and affordable housing units across 10 states.

Deal Structure and Financing Terms

The transaction was structured as a 10-year Freddie Mac refinance. Walker & Dunlop Capital Markets Institutional Advisory arranged the transaction on behalf of Starwood Capital's SREIT vehicle, which originally acquired the properties in 2021.

The origination team was led by Dustin Stolly, senior managing director at Walker & Dunlop, alongside Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Stepniewski, and Michael Ianno.

"This significant portfolio financing reflects Walker & Dunlop's ability to structure and execute large-scale financing solutions for the world's largest and most sophisticated institutional clients," said Willy Walker, chairman and CEO of Walker & Dunlop. "Financings of this size and complexity require a coordinated and collaborative team of bankers and underwriters. Led by senior managing director Dustin Stolly, the Walker & Dunlop team, working with Freddie Mac, executed flawlessly."

Walker added: "We are grateful for the trust Starwood placed in our team to deliver this refinancing, positioning the Strata Portfolio for sustained performance and continued long-term success."

Starwood's Workforce Housing Strategy

SREIT acquired the Strata Portfolio in 2021. The portfolio focuses on workforce and affordable housing units across what Starwood describes as high-growth, high-migration markets.

"Starwood is proud to own and support workforce housing communities," said Jonathan Pollack, president of Starwood Capital. "With a large majority of units in high-growth, high-migration markets, we believe the fundamentals are strong for the long term for our lenders and investors. We appreciate Walker & Dunlop's partnership in delivering this financing from Freddie Mac."

Walker & Dunlop's Multifamily Platform

Walker & Dunlop reported originating nearly $19 billion in Agency volume in 2025, positioning the firm among the top providers of capital to the U.S. multifamily market.

About the Firms

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. The firm's Capital Markets Institutional Advisory group focuses on arranging debt and equity solutions for institutional real estate owners and operators.

Starwood Capital Group is a private investment firm with a primary focus on global real estate. Starwood Real Estate Income Trust is a non-traded REIT managed by an affiliate of Starwood Capital Group.

Sources

• Walker & Dunlop: $1.72 Billion Financing for Starwood Capital Group