Walker & Dunlop, Inc. (NYSE: WD) announced today it structured a $30,165,000 Fannie Mae DUS fixed rate loan for Sterling Frisco, a dedicated student housing facility in Fayetteville, Arkansas. The loan was originated as a 10-year loan, with eight years interest-only, followed by a 30 year amortization schedule.
Will Baker, senior vice president and managing director, led the Walker & Dunlop team along with Tim Bradley of TSB Capital Advisors. Mr. Baker commented “Due to the strength of the sponsorship, quality of the asset and proximity to campus, we were able to obtain outstanding terms to facilitate this acquisition. We are very excited to be a part of the re-emergence of GMH (GMH Capital Partners, L.P.) back into the student housing market as well as their first deal through their new strategic, joint venture platform with Principal Real Estate Investors.”
The student housing market in Fayetteville, Arkansas has seen a surge in activity due to the increased enrollment at the University of Arkansas. Sterling Frisco is one of the premier off-campus student housing assets at the University of Arkansas, with convenient access to both the university’s campus and downtown Fayetteville. The property features state-of-the-art amenities, including a 24-hour fitness center, computer lab, study lounges, pool with cabanas, a roof-top deck and a secured parking garage.
Since inception, GMH and its affiliates has owned and managed nearly 70,000 student housing beds across 29 states. Their JV platform with Principal Real Estate Investors will target either acquiring or developing up to $650 million worth of student housing assets amongst core, value-add and development opportunities.
“GMH Capital Partners and the team at Principal Real Estate Investors worked diligently together to make this opportunity our first success story under our new partnership,” added Jim Kirby, executive vice president at GMH. “Walker & Dunlop and TSB Capital Advisors were integral parts of that success and our team.”