Source: Walker & Dunlop / #Multifamily #Apartments
BETHESDA, MD - Walker & Dunlop, Inc. announced that the Company recently provided $70,000,000 in bridge financing for Collegetown Terrace Apartments, a newly-constructed off-campus student housing property located a half mile from Cornell University in Ithaca, NY. Walker & Dunlop funded the loan through a subsidiary in conjunction with one of the institutional investors in its recently-announced large loan bridge venture. The Company has specialized in providing financing for student housing properties since 1988.
"The property is a best-in-class asset in one of the tightest student housing markets in the country," Walker & Dunlop Executive Vice President, Jeff Goodman stated. "Lease up of the new phases has been very strong. Moreover, our borrowers' deep experience in student housing development and management, along with their local roots, contributed to making this an attractive opportunity for our bridge program. It is also indicative of Walker & Dunlop's continued dedication to providing financing for quality student housing. We look forward to providing many similar multifamily, student and seniors housing bridge loans of $30 million and more for high quality properties across the country through our large loan bridge venture in the coming weeks and months."
Collegetown Terrace is being built in four phases and once completed, will offer 1,177 beds in more than 800 units. The project will contain approximately nine percent of Cornell's off-campus housing. Senior Vice President, Brendan Coleman led the team that structured the 2-year interest-only bridge loan for Collegetown Terrace. Daniel F. Monte, President of the Rose Hill Group, originator of the loan, commented that "Walker & Dunlop outperformed expectations and delivered as promised. We look forward to our next deal with Brendan and the Walker & Dunlop team."
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS®, Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country.