Bethesda, Md. — Walker & Dunlop has been recognized as the largest Fannie Mae DUS (Delegated Underwriting and Servicing) lender by volume for last year, with $6.6 billion in multifamily originations in 2023. Additionally, Fannie Mae has named the Bethesda-based firm as the top producer for green financing and for student housing. Walker & Dunlop also took the third places amongst producers of multifamily affordable housing and as a producer for small loans. Freddie Mac also recognized Walker & Dunlop as the third biggest Optigo lender in 2023, with a …
Jacksonville, Ala. and Wichita Falls, Texas — Calidus has received $25 million for the refinancing of two student housing properties in Alabama and Texas. Communities include Mustang Village, located less than one mile from the Midwestern State University campus in Wichita Falls, Texas; and Gamecock Village, located blocks away from the Jacksonville State University campus in Jacksonville, Alabama. The properties offer a combined 504 beds in two- and three-bedroom units with bed-to-bath parity. Shared amenities at both properties include resort-style swimming pools, fitness centers, game rooms, study space, sand volleyball …
Chicago — JLL Capital Markets has arranged a $45 million loan for the refinancing of Vue53, a 403-bed student housing property at the University of Chicago. Vue53 offers 267 units in studio, one- and two-bedroom layouts. Amenities include a bike storage facility, business center, study lounges, a fitness center, clubroom and sundecks. Residents also have access to a 24-hour doorman, onsite parking, package storage and handling, and campus shuttle pickup. The property features 27,367 square feet of ground-floor retail space that is anchored by a Target with a Starbucks. Brian …
Greystone Monticello Provides $36.3 Million in Bridge Financing for Indiana Student Housing Property
Bloomington, Ind. — Greystone Monticello has provided a $36.3 million bridge loan for a 226-unit student housing property in Bloomington. Greystone intends to transition the asset to a permanent exit with a HUD-insured green financing. Michael Zukerman and Adam Lipkin of Greystone originated the loan. Borrower information was not provided. The Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries.
Athens, Ga. — Landmark Properties has recapitalized The Mark Athens, a 1,364-bed student housing property located at 130 Hickory St. near the University of Georgia campus. The property was developed in two phases, with the first phase completed in 2017 and the second phase completed in 2022. The community offers studio through six-bedroom apartments, alongside 67,000 square feet of retail and 46,734 square feet of office space. Landmark occupies over 90 percent of the office space. The community also features 55,000 square feet of shared amenity space, including a rooftop …
Austin, Texas — Landmark Properties has recapitalized The Standard at Austin, a 934-bed student housing community located at 715 W. 23rd St. near the University of Texas at Austin campus. TSB Capital Advisors secured debt for the transaction. Completed in 2021, the development offers studio through six-bedroom units. Shared amenities include a state-of-the-art fitness center, study lounges and a rooftop pool deck with a jumbotron. The property won Student Housing Business’ Innovator Award for ‘Off Campus: Best Architecture & Design with More Than 400 Beds’ in 2022. Further details on …
Marietta, Ga. — Cardinal Group Investments and StepStone Real Estate have recapitalized Copper Social, a student housing community located near the Marietta campus of Kennesaw State University. Cardinal and StepStone plan to implement renovations at the property, to include interior updates to in-unit flooring and refreshments to the pool area. The business plan for the community also includes integrating Cardinal’s centralized services platform, CX3, into community operations. Evercore acted as financial advisor on the transaction and TSB Capital Advisors procured debt for the acquisition.
Champaign, Ill. — BWE has secured $10 million in acquisition financing for a portfolio of student housing properties near the University of Illinois Urbana-Champaign campus. Mike Guterman of BWE secured the financing on behalf of an undisclosed student housing owner and operator based on the East Coast. The financing was provided by a Midwest regional bank and features a five-year, 60 percent loan-to-cost ratio. The portfolio includes a mix of single family properties and small student housing communities totaling 616 beds across 170 units.
Washington, D.C. — The Federal Housing Finance Agency (FHFA) has announced that the multifamily loan purchase caps for Fannie Mae and Freddie Mac in 2024 will be $70 billion for each enterprise, for a combined total of $140 billion. At least 50 percent of each enterprise’s multifamily business is required to be mission-driven, affordable housing. Only loans classified as supporting workforce housing properties in Appendix A of the Conservatorship Scorecard will be exempt from volume caps. “The 2024 multifamily loan caps, coupled with the exemption for workforce housing properties from …
Kennesaw, Ga. — Vesper Holdings has recapitalized West 22, an 850-bed student housing property located near the Kennesaw State University campus in Georgia. Vesper owns the community through a joint venture partnership with an undisclosed investor. West 22 offers a mix of cottage and apartment units in one- through five-bedroom configurations. Shared amenities include a two-story fitness center, outdoor kitchen, basketball court, sand volleyball court, fire-pit and hammock garden. The partnership plans to execute $3 million in capital improvements at the property over the next two years. Enhancements will include the …