AUSTIN, TX—A student housing debt provider since 1988, Walker & Dunlop Inc. closed on some big deals in the sector last week when it provided $60.7 million in funds for a collection of properties. The locally based firm made loans on five properties in various locations around the country.
Two miles away from the University of Texas–Austin, Walker & Dunlop VP Al Beaumariage led the team that put together the Fannie Mae refinance for Mayday Properties' Aspenwood Apartments. The 86-unit property is 70% leased and has two swimming pools, laundry facilities and ample parking.
A Walker & Dunlop team led by senior vice president Brendan Coleman worked with Fannie Mae to structure the financing for the Kenney Cos.' Eagle's Landing. With 284 beds in 84 units, the class A property serves the Tennessee Technical University, situated less than two miles from the campus in Cookeville.
According to the company, the property is unique because the school it serves has a significantly lower enrollment than typical Fannie Mae student housing projects, and it's the only class A student housing community tailored to the university's students.
The firm also worked with Fannie Mae to structure the refinance of the Lexington near the University of California–Davis. Senior vice president Jeff Burns led the team that put together the deal for the borrower, Hallmark Properties. The three-story, 122-unit property was built in October 2003 and it includes a large outdoor pool, half basketball court, multiple outdoor grills and a clubhouse with a game room, study area and fitness center.
Will Baker, also a Walker & Dunlop SVP, spearheaded the teams that structured $24.6M in Freddie Mac financing for University Apartments and University Oaks Apartments for Capstone Development LLC. Located near the University of North Carolina–Chapel Hill, University Apartments is a fully leased 154-unit property that recently completed renovations including new amenities such as study areas and a fitness facility.
The 280-unit University Oaks Apartments sits on over 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. Almost fully occupied, it offers a fitness center, game room, clubhouse, study lounges and tanning beds.
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Sule Aygoren
Aygoren oversees the editorial direction and content for ALM’s Real Estate Media Group, including Real Estate Forum and GlobeSt.com. In her tenure with ALM, she’s held roles of increasing responsibility, including Managing Editor. Aygoren has received several awards for her coverage including Best Trade Magazine Report from the National Association of Real Estate Editors and the James D. Carper Award for Young Journalists. Under her direction, Forum has received four national NAREE awards for Best Commercial Real Estate Trade Magazine.
