Walker & Dunlop Investors Partners has closed its first evergreen debt fund, which is part of a planned series of funds focused on multifamily bridge financing with a targeted agency exit. The fund has $157 million of equity commitments that, with leverage, will support between $450 million and $600 million in lending capacity.

The fund, which will be led by Geoff Smith, Marcus Duley, and Mitch Resnick, will originate senior secured bridge mortgage loans with a maximum stabilized loan to value of 75%, with a target size between $10 – $100 million, secured by multifamily assets. It is dedicated to financing primarily class A quality multifamily assets across the US, according to Smith, who is senior managing director and head of debt at WDIP. "We are off to a good start, having deployed capital across three assets in Minnesota, Texas, and Pennsylvania during December."