Walker & Dunlop Provides $157 Million in Financing for Student Housing Properties in 2012
BETHESDA, Md., Feb. 14, 2013 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) announced today that in 2012, the Company provided $157.1 million in financing for off-campus student housing properties located nationwide. Walker & Dunlop has specialized in providing financing for student housing properties since 1988. The following $89.1 million in recent deals exemplify Walker & Dunlop's capabilities in this specialty area of commercial financing.
Walker & Dunlop provided $22,850,000 in Fannie Mae financing for University Square Apartments and Laurel Ridge Apartments, both located within close proximity of the Texas A&M campus, in College Station, Texas. The acquisition loans were structured with 10-year terms, with 2.5-years interest only, followed by 30-year amortization periods. University Square is a 149-unit garden-style property that offers one- and two-bedroom floor plans and features a fitness center, outdoor pool and is located along the university's shuttle bus route. Laurel Ridge offers 284 two-bedroom units and features a fitness center, cafe, three outdoor pools, multiple sports courts and access along the university's shuttle bus route. Walker & Dunlop Senior Vice President, Drew Anderman, led the Walker & Dunlop team.
For Eagle's West Apartments, located within walking distance of Auburn University, in Auburn, Alabama, Walker & Dunlop provided $11,627,000 in Freddie Mac financing. The loan was structured with a 10-year term with 2-years interest only and a 30-year amortization period. Walker & Dunlop was able to secure a 77 percent loan-to-value for the cash-out refinance. Eagle's West Apartments is a 201-unit property that offers recently-renovated one- and two-bedroom apartments in 23 garden-style buildings. Community amenities include a salt water pool, outdoor fireplace, fitness center and two university shuttle pickup locations. Walker & Dunlop Senior Vice President, Will Baker, led the Walker & Dunlop team.
Walker & Dunlop provided $6,000,000 in Fannie Mae financing for Elmira Jeffries, located adjacent to Temple University, in Philadelphia, Pennsylvania. The refinance loan was structured with a 15-year term, followed by a 25-year amortization period. All units are furnished by the university through a master lease and feature full kitchens, living rooms and private bathrooms, which are not available in most other Temple residence halls. Walker & Dunlop Senior Vice President, Steven Heller, led the Walker & Dunlop team.
Located adjacent to Mississippi State University in Starkville, Mississippi, Walker & Dunlop provided two loans for The Pointe at MSU in 2012. The Pointe at MSU is a Class A student housing development that offers 1,392 beds in 408 units in 32 buildings and was built in multiple phases. The first phase was completed in 2010, Phase IIA was completed in 2011 and Phase IIB was completed in 2012. Walker & Dunlop provided $21,000,000 in Fannie Mae financing for Phase I in April and recently provided $23,760,000 for Phase II. Both refinance loans were structured with a 10-year term and a 30-year amortization period. Please click here to read more about the property. Walker & Dunlop Senior Vice President, Andrew Tapley, led the Walker & Dunlop team.
Walker & Dunlop provided a Fannie Mae refinance loan of $3,875,000 for Mendota Lakeshore Apartments, located two blocks from the University of Wisconsin – Madison, in Madison, Wisconsin. The loan was structured with a 10-year term and a 30-year amortization for the 49-unit building, which was originally built as a dormitory in 1956 and converted to apartments in 1972. The building now offers a variety of floor plans and features a laundry facility, fitness center and a private pier to Lake Mendota. Walker & Dunlop Vice President, Matthew Lund, led the Walker & Dunlop team.
About Walker & Dunlop
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS®, Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States, securing capital from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Principal Investments group provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity, including interim financing. Walker & Dunlop, LLC has over 400 employees located in 21 offices nationwide. More information about the Company can be found at www.walkerdunlop.com.
SOURCE Walker & Dunlop, Inc.