Walker & Dunlop Capital Markets announced on December 22, 2025 that it has secured financing for two high‑profile real‑estate projects, one in Cambridge, Massachusetts and the other in Lower Manhattan.
The Cambridge transaction involves the sale of 929 MASS, a mixed‑use complex that includes residential units, retail space and parking. The property was sold for $53.6 million, and the buyer, John M. Corcoran & Company, secured a $37.1 million fixed‑rate, interest‑only Fannie Mae loan backed by Stars REI. The deal underscores the firm’s ability to structure financing for assets that combine residential and commercial uses in a high‑demand market near Harvard and MIT.
In New York, Walker & Dunlop arranged a $778.6 million construction loan to fund the conversion of 111 Wall Street from an office tower into residential units. The total financing package, which includes an $88.4 million C‑PACE loan extension from Petros, reaches $867 million, making it the largest single‑building conversion loan in New York City history and the largest of its kind in the United States. The loan will support the transformation of the waterfront property into a mixed‑use development that will add new housing to a market that has seen a surge in demand for residential space.
The financing deals come on the heels of Walker & Dunlop’s Q3 2025 earnings, in which the company reported revenue of $338 million, up 16% year‑over‑year, and adjusted core earnings per share of $1.22, a $0.07 beat over the $1.15 consensus. The results were driven by a 34% increase in transaction volume to $15.5 billion, reflecting strong demand for complex financing solutions across the Boston and New York markets. Cost control and efficient execution helped the firm maintain margins despite rising interest rates and inflationary pressures.
CEO Willy Walker highlighted the company’s “strong brand and market position” as key drivers of the quarter’s performance, noting that technology and data analytics continue to differentiate Walker & Dunlop in a competitive capital‑markets landscape. He also emphasized the firm’s focus on expanding its footprint in major markets and on delivering customized financing structures that meet the evolving needs of developers and investors.
The two financing arrangements illustrate a broader industry trend of repurposing underutilized office space into residential and mixed‑use projects, a strategy that addresses both the surplus of office inventory and the persistent demand for housing in dense urban centers. By securing the largest conversion loan in New York City history and a high‑profile deal in Cambridge, Walker & Dunlop reinforces its reputation as a leading provider of complex real‑estate financing solutions.
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