Vantage and The View, two student housing facilities on Temple University’s campus, gained a financial boost as Walker & Dunlop successfully closed a $285.5 million refinancing deal for the said properties.
Business Wire reported:
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.
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