Walker & Dunlop Provides $24 Million for Student Housing Property in High-Barrier-to-Entry Auburn, AL
Aug 22, 2018, 06:34 ET
BETHESDA, Md., Aug. 22, 2018 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $24,500,000 for Two21 Armstrong, a 390-bed student housing property adjacent to Auburn University in Auburn, Alabama.
The Walker & Dunlop team was led by Livingston Hessam, Jeremy Pino, and Kyle Miller, of the company's Capital Markets group, as well as HUD experts, Keith Melton and David Strange. Leveraging their vast network of diverse capital sources, which exceeded 300 in 2017, the team identified a life insurance company to provide financing for the property.
Two21 Armstrong represented an irreplaceable investment opportunity and garnered competitive rates from lenders thanks to its unmatched location, high demand for housing, and constrained supply. Auburn University comprises nearly 30,000 students, over 5,000 faculty and staff, and is situated on 1,841 acres. The institution has a tremendous economic impact in the City of Auburn, and as demand for student housing continues to grow, high quality infill properties such as Two21 Armstrong are becoming increasingly crucial.
Mr. Hessam stated, "We were thrilled to win this high-profile assignment and put our broad network of capital to work for the sponsor. The property was well-received by the capital markets and we were able to provide competitive proceeds thanks to the property's quality, excellent location, and the area's promising growth."
Located just two blocks away from Auburn University's main campus and next to a Tiger Transit stop, Two21 Armstrong is a three-story, 156-unit student housing community. Units include balconies with storage space, fully-equipped kitchens with granite countertops, walk-in closets, and in-unit washers and dryers. The property also boasts a premium amenity package, complete with a large pool, fitness center, billiards room, grilling stations, complimentary coffee bar, on-the-go breakfast offering, and community bikes.
Walker & Dunlop is a leader in the multifamily space, ranking #1 with Fannie Mae for multifamily lending in 2017, and closing over $2.3 billion in student housing transactions from 2017 to June 2018. Walker & Dunlop's Capital Markets team also closed a record $7.3 billion in total brokered volume in 2017, up 75 percent from 2016. To learn more about Walker & Dunlop's financing capabilities, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
SOURCE Walker & Dunlop, Inc.