Walker & Dunlop, Inc. announced today the closure of a
$285,500,000 refinancing for Vantage and The View at Montgomery in
Philadelphia, Pennsylvania. The two student housing properties are
located on Temple University's campus and represent one of the
largest student housing financings closed thus far in 2024.
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Vantage Apartments (Photo: Business
Wire)
Walker & Dunlop’s Bethesda Multifamily Finance team and New
York Capital Markets team were retained as exclusive advisors to
the clients, The Goldenberg Group, originating the seven-year fixed
rate loans through Freddie Mac. The teams also engaged Walker &
Dunlop Investment Partners (WDIP) to provide a preferred equity
investment as part of the refinancings.
“WDIP’s deep expertise in the student housing space enabled us
to step in and provide preferred equity for these prime properties,
leveraging the strong collaboration within our Walker & Dunlop
platform,” said Brian Cornell, managing director and head of WDIP
Equity at Walker & Dunlop Investment Partners. “We are pleased
to have contributed to such a highly impactful project.”
Vantage was completed in 2019 and its 19 stories houses
368-units / 984-beds, boasting modern design, over 30,000 sq ft. of
amenity space, best-in-class retail offerings and a diverse unit
mix spanning studios to four-bedrooms, totaling nearly 323,000
rentable square feet. Walker & Dunlop originated the seven-year
fixed-rate loan from Freddie Mac and WDIP provided a coterminous
preferred equity investment, with combined proceeds totaling $176.0
million.
The View at Montgomery has 238-units / 832-beds and is located
in the center of Temple University's main campus. The 14-story
tower opened in 2014, featuring a variety of units, spanning
studios to four-bedrooms across 235,513 rentable square feet.
Walker & Dunlop originated the seven-year fixed-rate loan from
Freddie Mac and WDIP provided a coterminous preferred equity
investment, with combined proceeds totaling $109.5 million.
The Walker & Dunlop Bethesda Multifamily Finance team was
led by Connor Locke, Colin Coleman, Brendan Coleman, Chris Forte,
Adam Johnston, and Skye Stansbury. The Walker & Dunlop New York
Capital Markets team was led by Adam Schwartz, Sean Reimer, Aaron
Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno, and William
Herring. The Walker & Dunlop Investment Partners team was led
by Brian Cornell, Marcus Duley, Duncan McHale, and Brent
George.
"In the face of macro headwinds stemming from the financial
crisis, the covid pandemic and nationwide enrollment pressure, the
student housing sector has proven its resiliency time and time
again. The Goldenberg Group’s impeccable attention to detail has
created an unmatched experience for the Temple students and in turn
driven rent growth in excess of conventional multifamily assets
while at the same time fundamentally expediting pre-leasing every
year," explained Connor Locke, managing director of Multifamily
Finance at Walker & Dunlop. "This evolution has created
additional opportunities for financing, and we are pleased to have
worked alongside Freddie Mac and WDIP to secure a comprehensive
refinancing solution for The Goldenberg Group.”
The Goldenberg Group acquired the site for Vantage and The View
at Montgomery in 2008 as part of a planned multi-phase student
housing development project that would bring much needed rental
product to Temple University. Both feature top retailers, an
unparalleled amenity program and superior access in the center of
Temple University's campus.
"Our commitment is to be a source of positive transformation in
the neighborhood and deliver exceptional student housing
experiences in vibrant university communities," said Mark
Caltabiano, executive vice president of Asset Management at The
Goldenberg Group. "We are thrilled with the successful refinancing
by Walker & Dunlop, Freddie Mac, and WDIP. This origination
truly demonstrated the power of the Walker & Dunlop platform to
pull together a complex transaction.”
Walker & Dunlop is one of the top providers of capital to
the U.S. multifamily market; in 2023, the firm originated over $24
billion in debt financing volume, including lending over $20
billion for multifamily properties. Also in 2023, Walker &
Dunlop's Capital Markets group sourced capital for transactions
totaling nearly $12 billion from non-Agency capital providers. This
vast experience has made both teams top advisors on all asset
classes for many of the industry's top developers, owners, and
operators. To learn more about Walker & Dunlop's broad
financing options, visit our website.
About Walker & Dunlop Investment Partners
Walker & Dunlop Investment Partners (“WDIP”) is an
alternative investment manager that provides capital solutions to
middle-market commercial real estate sponsors. Investing on behalf
of insurance companies, public pension funds, endowments,
foundations, family offices, and high-net worth individuals, WDIP
partners with sponsors whose transactions are in need of financing
but are under-served by institutional capital. The Denver,
Colorado-based firm's investment vehicles focus on opportunistic,
value-add, and income-oriented commercial real estate strategies.
As a wholly owned subsidiary of Walker & Dunlop, one of the
largest commercial real estate finance companies in the United
States, WDIP has unmatched access to proprietary resources and
market intelligence. This partnership offers clients unique,
real-time insights into market movements, valuation, pricing, and
underwriting. For more information, visit
www.wdinvestmentpartners.com.
All investments have risk of loss and WDIP cannot guarantee any
investment strategy will achieve its goals and objectives. Nothing
herein is an offer to sell any security, including an interest in
any private fund.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
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version on businesswire.com: https://www.businesswire.com/news/home/20240722910532/en/
Investors: Kelsey Duffey Investor Relations Phone
301.202.3207 investorrelations@walkeranddunlop.com
Media: Nina H. von Waldegg VP, Public Relations Phone
301.564.3291 info@walkeranddunlop.com
Phone 301.215.5500
7272 Wisconsin Avenue, Suite 1300 Bethesda, Maryland 20814
Grafico Azioni Walker & Dunlop (NYSE:WD)
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Grafico Azioni Walker & Dunlop (NYSE:WD)
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Da Gen 2024 a Gen 2025
