Walker & Dunlop, Inc. has closed a $285,500,000 refinancing for the two-property multifamily portfolio Vantage and The View at Montgomery in Philadelphia.
The two student housing properties are located on Temple University’s campus and represent one of the largest student housing financings closed year to date, according to Walker & Dunlop.
Vantage was built in 1969 and contains 368 units across 18 stories. The floorplan mix consists of studio to 4 bedroom and 1 to 2 bathroom units ranging in size from 300 to 2,000 square feet.
The firm’s Bethesda Multifamily Finance team and New York Capital Markets team advised 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 refinancing.
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 WDIP 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,” said Locke. “The Goldenberg Group’s impeccable attention to detail has created an unmatched experience for the Temple students and in turn driven rent growth in excess of conventional multifamily assets while at the same time fundamentally expediting pre-leasing every year.”
