Dealmaker: Walker & Dunlop Secures $286M for Temple University Student Housing

(Illustration of The View at Montgomery courtesy of Walker & Dunlop)

Walker & Dunlop, Bethesda, Md., closed a $285.5 million refinancing for Vantage and The View at Montgomery in Philadelphia, two student housing properties on Temple University’s campus.

Walker & Dunlop’s Bethesda Multifamily Finance team and New York Capital Markets team advised The Goldenberg Group, Blue Bell, Pa. The teams also engaged Walker & Dunlop Investment Partners to provide a preferred equity investment as part of the refinancings.

Vantage delivered in 2019 and its 19 stories house 368 units with 984 beds and more than 30,000 square feet of amenity space. Walker & Dunlop originated the seven-year fixed-rate loan from Freddie Mac, McLean, Va., and WDIP provided a coterminous preferred equity investment, with combined proceeds totaling $176 million.

The View at Montgomery includes 238 units with 832 beds. The 14-story tower opened in 2014 with apartments 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. Combined proceeds totaled $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,” Locke said.