BETHESDA, Md.--(BUSINESS WIRE)--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.
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.
