Key Takeaways
- • Walker & Dunlop arranged $1.719 billion in 10-year Freddie Mac-backed financing to refinance a multifamily housing portfolio owned by Starwood Capital Group's Starwood Real Estate Income Trust, demonstrating the firm's capacity to execute large-scale institutional real estate transactions.
- • The financing covers 12,955 predominantly workforce and affordable housing units across 52 properties in 10 states, with portfolio concentration in high-growth and high-migration markets acquired by Starwood REIT in 2021.
- • The transaction was structured and led by Walker & Dunlop's Capital Markets Institutional Advisory team, with senior managing director Dustin Stolly overseeing execution in coordination with Freddie Mac underwriters.
- • Walker & Dunlop originated nearly $19 billion in agency multifamily volume during 2025, positioning the firm as a leading capital provider to the U.S. multifamily sector for institutional investors.
Summary
Walker & Dunlop announced the completion of a $1.719 billion refinancing transaction for Starwood Capital Group's large-scale multifamily housing portfolio held through Starwood Real Estate Income Trust. The financing supports 12,955 predominantly workforce and affordable housing units across 52 properties distributed across 10 states. The portfolio, originally acquired by Starwood REIT in 2021, focuses on high-growth and high-migration markets, positioning the assets to benefit from favorable demographic and economic fundamentals.
The transaction was structured as 10-year loans provided through Freddie Mac and arranged by Walker & Dunlop's Capital Markets Institutional Advisory team. Senior managing director Dustin Stolly led the Walker & Dunlop execution team in coordination with Freddie Mac underwriters to close what was characterized as a complex financing requiring substantial coordination among multiple stakeholders. According to Willy Walker, Chairman and CEO of Walker & Dunlop, the deal reflects the firm's capability to "structure and execute large-scale financing solutions for the world's largest and most sophisticated institutional clients."
The refinancing is expected to support long-term portfolio performance and sustained investor returns across the Starwood portfolio. Walker & Dunlop's role in the transaction underscores its standing as a leading provider of capital solutions to the U.S. multifamily sector, having originated approximately $19 billion in agency volume during 2025. The deal further demonstrates institutional investors' continued reliance on established mortgage banking platforms to execute complex, multi-property refinancings in the affordable and workforce housing segments.
The transaction was structured as 10-year loans provided through Freddie Mac and arranged by Walker & Dunlop's Capital Markets Institutional Advisory team. Senior managing director Dustin Stolly led the Walker & Dunlop execution team in coordination with Freddie Mac underwriters to close what was characterized as a complex financing requiring substantial coordination among multiple stakeholders. According to Willy Walker, Chairman and CEO of Walker & Dunlop, the deal reflects the firm's capability to "structure and execute large-scale financing solutions for the world's largest and most sophisticated institutional clients."
The refinancing is expected to support long-term portfolio performance and sustained investor returns across the Starwood portfolio. Walker & Dunlop's role in the transaction underscores its standing as a leading provider of capital solutions to the U.S. multifamily sector, having originated approximately $19 billion in agency volume during 2025. The deal further demonstrates institutional investors' continued reliance on established mortgage banking platforms to execute complex, multi-property refinancings in the affordable and workforce housing segments.
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