Walker & Dunlop Investment Partners: Leveraging legacy for investment success

As Walker & Dunlop marks 88 years in business, WDIP leaders Mitchell Resnick and Geoff Smith reflect on the firm’s evolution from a mortgage lender into one of the largest commercial real estate finance and advisory services firms in the U.S. and abroad.

With deep roots in the multifamily housing sector, Walker & Dunlop Investment Partners (WDIP) is building on a legacy of government-sponsored enterprise (GSE) lending to create a fully integrated platform that spans the entire capital stack and real estate lifecycle.

As a registered investment advisor with $6.5bn in assets under management, WDIP is well-positioned to lead the next phase of growth in commercial real estate (CRE) investing.

President Mitchell Resnick and Head of Debt Geoff Smith explain how the firm’s specialization, scale, and tech advantage are driving performance and opportunity.

Walker & Dunlop has a long history in real estate finance. What are some milestones that have shaped the company’s evolution?

Mitchell Resnick: Walker & Dunlop was founded in 1937, so we have a deep legacy. Our core business remains originating and selling multifamily loans to Fannie Mae, Freddie Mac, and HUD however, the firm has expanded into other business lines in the past decade.  We’ve grown our capital markets business and added investment sales, valuations, investment banking, research and of course investment management.

A key milestone came in 2018, when we acquired JCR Capital, subsequently rebranded WDIP. In the beginning, the group operated mostly autonomously however when I became President in 2022, we started integrating it with the rest of the firm.  We had several siloed teams which are now combined into a single, cohesive platform. That integration significantly strengthened both our equity investing and private debt capabilities.

Since becoming an SEC-registered investment advisor, how has WDIP grown?

Mitchell Resnick: We began with a focus on equity, but over the past few years, we’ve expanded into private debt, growing our AUM from $2.5bn to $6.5bn. Our debt platform complements our equity offerings and gives us more flexibility to meet investor and borrower needs.

Geoff Smith: We’re targeting $4-5bn in annual bridge loan originations, which fits well alongside the almost $13bn we already do through our GSE lending business. We’ve also formed joint ventures, including one with Blackstone Mortgage Trust, to support multifamily assets across the quality spectrum.

What’s the benefit of being a boutique manager inside one of the country’s largest CRE firms?

Geoff Smith: Our GSE roots gave us early access to top-tier sponsors and insight into market dynamics. Over time, we added services like investment sales, allowing us to help investors not just enter deals, but also exit through sales or refinancings. We’ve also built a proprietary data and servicing platform that tracks everything from cap rates and rent growth to taxes and insurance – giving us an edge in understanding market shifts.

Mitchell Resnick: And all of that is powered by technology. Our tools let us pull data directly from our $135bn servicing book (as of 12/31/2024) and analyze it in near real-time. That speed and accuracy helps us underwrite with greater confidence – and make smarter investment decisions.

Can you give an example of how your broad involvement in the space plays out in real deals?

Geoff Smith: We’re often involved from the very beginning – when a sponsor acquires land. One of our capital markets professionals will typically structure the construction loan. While we don’t usually fund the construction ourselves, we track the project through lease-up and can step in to refinance or bridge it. That lifecycle view gives us visibility into costs, lease rates, and sponsor performance – so when we do underwrite, we can move faster and with more conviction than most.

What gives you an edge beyond data and tech?

Geoff Smith: Our focus is primarily on multifamily, which is increasingly rare. Many platforms try to cover every asset class. Our platform offers targeted exposure to multifamily – especially class-A assets – with top-tier sponsors and deep market insights.

Mitchell Resnick: And it comes down to people. Geoff and I have more than 60 years’ combined experience and have worked together for nearly a decade. Over the past 15 years, Walker & Dunlop has grown from approximately 200 to 1,400 employees – a powerful reflection of the company’s strength and vision.

What strategies do you offer today?

Mitchell Resnick: On the equity side, we have two active strategies. One focuses on preferred equity for multifamily properties with GSE loans – a solution to fill capital gaps in today’s higher-rate environment. The other, our seventh equity fund, is a value-add proposition targeting middle-market opportunities with a little more upside.

Geoff Smith: On the debt side, we’ve financed nearly $10bn in multifamily assets over the past eight years, with a strong track record – about a 72% realization rate and minimal defaults. Our first debt fund, backed by a US life insurance company, was fully deployed in under eight months. We’ve since launched a second fund with another institutional partner and continue to attract the attention of investors.

What’s your long-term vision?

Mitchell Resnick: Continued growth. Our first two debt funds were focused on our core competencies but going forward we’ll expand those vehicles and potentially move into other areas of CRE. On the equity side, we’ll maintain our middle-market focus but introduce more product options for both investors and sponsors.

Geoff Smith: We see a huge opportunity to become a leading provider of bridge capital for multifamily. That not only serves our clients but also supports growth across the Walker & Dunlop ecosystem – from origination to servicing and beyond.

For more information, please get in touch with us at wdip@walkerdunlop.com.

^{This presentation is for informational purposes only. Nothing herein is an offer or solicitation for the purchase or sale of any security and may not be relied upon in connection therewith. Investment advisory services offered through Walker & Dunlop Investment Partners, Inc. (WDIP). Private real estate investments involve risk of loss; past performance is not indicative of future results. WDIP investment strategies are available only to sophisticated accredited investors. AUM represents the outstanding total capitalization of all equity investments made and managed through WDIP funds, co-investments and joint ventures, plus senior debt originated and managed/serviced (both on an advisory and non-advisory basis) through WDIP joint ventures and separately managed accounts as of December 2024. Any opinions and forward-looking statements are that of the presenters are subject to change.}