Walker & Dunlop, Inc. announced today that during 2014 the Company provided $694,947,500 in financing for off-campus student housing properties throughout the United States. This is an increase of 160% from 2013. Walker & Dunlop has specialized in providing financing for student housing properties since 1988 and remains committed to financing this strong asset class. The following deals totaling $85,460,000 demonstrate Walker & Dunlop’s capabilities in this specialty area of commercial financing.
Will Baker, senior vice president and managing director, partnered with Tim Bradley of TSB Capital Advisors, originated and structured $66,460,000 as a 10-year loan with two years of interest-only and 30-year amortization for Cottages of College Station (College Station, Texas). Walker & Dunlop facilitated the use of Freddie Mac’s Early Rate Lock offering, allowing the borrower to lock the rate on the loan before the 10-year Treasury rose in the subsequent weeks. This “Class A” property, located less than 1.5 miles from Texas A&M University, represents one of the most luxurious student housing communities in the College Station market. Cottages of College Station is a 1,354-bed cottage/garden style community consisting of 192 one, two, and three story apartment buildings.
James Cope, senior vice president and managing director, led the Walker & Dunlop team that facilitated a Freddie Mac Early Rate Lock offering by providing $19,000,000 to The Waterfront Apartments in Madison, Wisconsin. The loan was structured as a 10-year loan secured by a first lien. The borrower was able to rate lock prior to completion of construction and closed approximately 40 days after completion. The Waterfront Apartments are located less than a mile from the University of Wisconsin-Madison and is a 71-unit, mid-rise, “Class A” apartment complex situated on .62 acres of land. This luxury student housing property offers spectacular views of Lake Mendota, a rooftop pool, sun decks, and a fitness center. This transaction supports the trend of luxury student housing as evidenced by the fact it was 100% leased prior to completion.