Walker & Dunlop Funds $380M for Student Housing Credit Facility
07 2월 2024 - 9:48PM
Business Wire
Walker & Dunlop, Inc. has funded a new $380,000,000 credit
facility for the refinance of 11 student housing properties on
behalf of Scion Student Communities ("SSC"), a joint venture among
The Scion Group LLC ("Scion"), General Investment Corporation of
Singapore ("GIC") and Canada Pension Plan Investment Board
("CPPIB"). The Scion Group is the largest owner/operator of
off-campus student housing communities globally, with over 80,000
beds in its portfolio. This latest financing marks a significant
milestone as Walker & Dunlop has now originated over $3 billion
in debt for Scion.
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The Radian at the University of
Pennsylvania (Photo: Business Wire)
The Walker & Dunlop team, led by Colin Coleman, Brendan
Coleman, and Will Baker, structured a Fannie Mae Credit Facility,
the fourth iteration of this joint venture. The new facility
allowed the borrower to eliminate all floating rate exposure in
their original credit facility while refinancing several maturing
one-off loans. Demonstrating the Walker & Dunlop teams' prowess
and deep expertise, the transaction processing was expedited,
effectively rate locked and closed in just 35 days.
"Walker & Dunlop was instrumental in originating financing
for this venture's four large portfolio acquisitions spanning back
to 2016," said Clayton Merritt, senior vice president of Capital
and Investments at The Scion Group. "Over the past nine years,
Walker & Dunlop has continued to add value to our portfolio
through proactive and strategic capital stack management. This
complex transaction, which spanned two credit facilities and over
$2.3 billion of Gross Asset Value (GAV), achieved multiple
strategic goals for the partnership – and is yet another example of
Walker & Dunlop's differentiated expertise."
"As our partnership with Scion enters its tenth year, it was
mission critical for W&D to set up Scion and their partners for
the next decade," said Colin Coleman, managing director of
Multifamily Finance at Walker & Dunlop. "Their new
state-of-the-art Fannie Mae Credit Facility is simply the best
portfolio financing vehicle available in the market today. It will
provide maximum flexibility and stability as the venture navigates
the current markets and charts their exciting next steps."
Walker & Dunlop is a leader in student housing financing and
sales. In 2023, W&D was the #1 Lender in the Fannie Mae DUS
network while also originating more student housing loans than any
of its peers. The firm is one of the top providers of capital to
the U.S. multifamily market; through September 30, 2023, the firm
originated nearly $18 billion in debt financing volume, including
lending over $14 billion for multifamily properties. To learn more
about our capabilities and financing options, visit our
website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
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version on businesswire.com: https://www.businesswire.com/news/home/20240207867390/en/
Investors: Kelsey Duffey Investor Relations Phone
301.202.3207 investorrelations@walkeranddunlop.com
Media: Nina H. von Waldegg VP, Public Relations Phone
301.564.3291 info@walkeranddunlop.com
Walker & Dunlop (NYSE:WD)
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Walker & Dunlop (NYSE:WD)
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