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This is the Walker Webcast with Willy Walker.

Good afternoon and welcome to another Walker webcast.

This is a good one.

Uh, I know we have a lot of people interested in this conversation because I've been traveling extensively for the past couple of weeks and going on zoom call after zoom call with Walker and Dunlop clients across the country.

And the questions that they pose to me, um, are quite honestly better presented to my three colleagues, um, and, uh, incredibly insightful professionals in Ivy Zelman, Aaron Appel and Chris Mickelson.

Um, Ivy runs Zelman, a Walker & Dunlop company that does amazing research on everything in the housing industry.

And prior to that, Mark, he served as the chief information officer at Fortress PropTech.

He was the chief product officer at Walker & Dunlop.

He was the co-founder and CEO of Anodo, which was acquired by Walker & Dunlop.

And he worked in real estate development alongside and also with the Chicago Housing Authority prior, amongst many other roles.

Now, Mark, I believe you are retired.

at the Dominium annual LP meeting.

And it is a real joy to be here with our partners at Dominium and seeing all of their investors in many of the projects that Walker & Dunlop and Dominium have worked on together.

And so, Peter, a lot has happened.

The last three weeks have been incredibly tumultuous.

in the real estate capital markets.

My phone has been inundated with Walker & Dunlop customers calling me and saying, can we get you on a call with our team to figure out where are rates going? Where's the market going? And should I be running to refinance a property today? Should I be selling a property? Should I be concerned about being able to get out of this property a year or two from now? And my feeling for you has been that for the last three years, we've been in what I've called the hope trade, the waiting and hoping that inflation would come out of the system, that the president would replace the Fed chair with a potentially new Fed chair who would start to cut rates in line with what the president has been calling for for quite some time.

and that we would be sitting in a sort of a 4% 10-year, maybe even best wishes three points out of 5% 10-year.

And you were very straightforward in saying at the beginning of 2026, the inflation print's looking good.

Torchlight Investors provided $238 million of short-term financing against Landmark South, a 631-unit apartment property in Doral, F- Florida, near Miami.

The loan was arranged by Walker & Dunlop and allowed owner JSB Capital to retire $154.1 million of Freddie Mac financing that was originated in 2023.

JSB Capital bought the property for $255 million in 2021, while Pennsam Capital subsequently invested $65.8 million of preferred equity in 2023.

The new loan is significantly larger than the previous mortgage, providing JSB additional capital as it works through its business plan and waits for capital market conditions to evolve.