Commercial real estate financier Walker & Dunlop Inc. said it has priced its initial public offering at $10 per share, well below the company's expected range.

The offering includes about 10 million shares, including 6.7 million being sold by Walker & Dunlop and another 3.3 million sold by initial shareholders. The company, which is based in Bethesda, Md., had expected to sell its initial shares between $14 and $16 apiece.

Walker & Dunlop has said in previous regulatory filings that it expects to net $89.5 million in proceeds from the offering. It won't receive proceeds from the sale of shares by shareholders. The company plans to use the proceeds to execute its growth strategy, fund working capital needs and for general corporate purposes.

The company has also said that it does not anticipate paying any cash dividends in the foreseeable future.

Walker & Dunlop was founded in 1937 and has grown into one of the biggest originators and sellers of commercial real estate loans, particularly in the apartment buildings segment.

In addition to originating loans for sale to investors or government mortgage finance companies, Walker & Dunlop also services apartment building mortgages and other commercial real estate financing products.

Last year, the company originated more than $2.2 billion in commercial real estate loans, the majority through programs by government-sponsored entities such as Fannie Mae or the Department of Housing and Urban Development.