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Debt & Equity

Walker & Dunlop secures $672M loan for student housing portfolio

Walker & Dunlop, Inc. (NYSE: WD) announced that it has secured $672 million of financing for the previously announced acquisition of University Housing Communities Group, Inc. (UHC) by a subsidiary of a joint venture formed by The Scion Group LLC (“Scion”), GIC and Canada Pension Plan Investment Board (“CPPIB”).

Photo by Tracy O/Flickr
Photo by Tracy O/Flickr

UHC represents one of the highest quality and largest Class A national student housing portfolios in the United States. The Walker & Dunlop team, led by Managing Directors Brendan Coleman and Will Baker, arranged the financing through Fannie Mae’s Credit Facility execution, an efficient loan structure available for large transactions backed by a number of real estate assets.

Mr. Coleman commented, “We were honored to work with Scion, one of the most experienced and respected student housing owners and operators in the United States, GIC and CPPIB on this financing. It is a true testament to Walker & Dunlop’s scale and strong partnership with Fannie Mae that we were able to provide our client with their preferred financing structure for this acquisition.”

Mr. Baker added, “Our experienced student housing team was successful in meeting the joint venture’s needs on this complex transaction by negotiating a flexible solution with Fannie Mae.”

“The acquisition of University Housing Communities is strategic for Scion and the first investment by the joint venture. We were impressed by the commitment and professionalism of the broader Walker & Dunlop and Fannie Mae teams in delivering highly attractive financing terms for this important transaction,” said Scion’s Chief Investment Officer, Avi Lewittes.

Senior Vice President of Multifamily at Fannie Mae, Hilary Provinse, stated, “Walker & Dunlop has consistently been one of our top DUS® Lenders, especially in the student housing sector, and it was a pleasure working with them on this portfolio.

Walker & Dunlop’s in-depth knowledge of Fannie Mae’s many product offerings resulted in the optimal financing structure to fit the borrower’s specific needs.”

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