Bethesda, Md. — The properties are located at a variety of schools and locations.
Bethesda, Md. — Multifamily-focused lender Walker & Dunlop, Inc. (NYSE: WD) has provided approximately $60.7 million in financing for five off-campus student housing properties in various locations around the country. The following transactions have closed since April 2013:
Senior Vice President, Brendan Coleman led the Walker & Dunlop team that worked with Fannie Mae to structure the financing for Eagle’s Landing, a 284-bed, 84-unit community less than two miles from Tennessee Technical University in Cookeville, Tenn. Walker & Dunlop say this property is unique because it is near a school with a significantly lower enrollment than typical Fannie Mae student housing projects. The borrower was The Kenney Companies.
Financing for The Lexington near the University of California – Davis was structured as a Fannie Mae refinance by a team led by Senior Vice President Jeff Burns. Construction on The Lexington was completed in October 2003. The property consists of 122 units in 26 three-story apartment buildings. Amenities include a large outdoor pool, half basketball court, multiple outdoor grills, and a clubhouse that features a game room, study area and fitness center.
Senior Vice President, Will Baker led the teams that structured $24.6 million in Freddie Mac financing for University Apartments and University Oaks Apartments for borrower, Capstone Development, LLC. University Apartments, near the University of North Carolina – Chapel Hill is a 154-unit property that was 100 percent occupied at closing and near 100 percent preleased for the 2013-2014 school year. The borrower recently completed renovations to the property to enhance appeal to students, adding amenities such as study areas and a fitness facility. University Oaks Apartments is a 280-unit property situated on more than 14 acres, near Kent State University in Ohio. The borrower purchased the then age-restricted complex in 2011 and completed substantive rehabilitations to convert it to a student designated property. University Oaks Apartments was more than 98 percent occupied as of March 2013 and offers amenities including a fitness center, game room, clubhouse, study lounges and tanning beds.
Aspenwood Apartments, two miles from University of Texas – Austin is an 86-unit property with a 70 percent student tenancy. Vice President Al Beaumariage, of Walker & Dunlop’s Dallas office, led the team that structured the Fannie Mae refinance.