Walker & Dunlop, Inc. has successfully completed a $285.5 million refinancing for Vantage and The View at Montgomery, two student housing properties located on Temple University’s campus in Philadelphia, Pennsylvania. This marks one of the largest student housing financings of 2024.
The refinancing was managed by Walker & Dunlop’s Bethesda Multifamily Finance team and New York Capital Markets team, acting as exclusive advisors to The Goldenberg Group. The loans, which are fixed-rate for seven years, were originated through Freddie Mac. Walker & Dunlop Investment Partners (WDIP) also contributed preferred equity investment as part of the refinancing.
Brian Cornell, managing director at WDIP, commented on the collaboration: “WDIP’s expertise in student housing allowed us to provide preferred equity for these prime properties, leveraging our platform’s strengths. We are pleased to support such an impactful project.”
Vantage, completed in 2019, is a 19-story building with 368 units and 984 beds. It features modern design, over 30,000 square feet of amenity space, and diverse unit options. The refinancing for Vantage totaled $176 million, combining a seven-year fixed-rate loan from Freddie Mac and preferred equity from WDIP.
The View at Montgomery, opened in 2014, is a 14-story tower with 238 units and 832 beds. Located at the heart of Temple University’s main campus, it offers a variety of unit types across 235,513 square feet. The refinancing for The View at Montgomery totaled $109.5 million, also involving a seven-year fixed-rate loan from Freddie Mac and preferred equity from WDIP.
Connor Locke, managing director at Walker & Dunlop, noted, “Despite macroeconomic challenges, the student housing sector has shown resilience. The Goldenberg Group’s attention to detail has driven rent growth and expedited pre-leasing, creating additional financing opportunities. We are pleased to have worked with Freddie Mac and WDIP to secure comprehensive refinancing for these properties.”
The Goldenberg Group acquired the site for Vantage and The View at Montgomery in 2008, aiming to enhance Temple University’s campus with modern student housing. Both properties feature top retailers, extensive amenities, and prime campus access.
Mark Caltabiano, executive vice president of Asset Management at The Goldenberg Group, expressed satisfaction with the refinancing: “Our goal is to positively transform the neighborhood and deliver exceptional student housing experiences. We are thrilled with the successful refinancing by Walker & Dunlop, Freddie Mac, and WDIP, showcasing the strength of Walker & Dunlop’s platform.”
In 2023, Walker & Dunlop originated over $24 billion in debt financing, with more than $20 billion for multifamily properties. Their Capital Markets group sourced nearly $12 billion from non-Agency capital providers. This extensive experience positions Walker & Dunlop as top advisors for many of the industry’s leading developers, owners, and operators. For more information on Walker & Dunlop’s financing options, visit their website.
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By Proptechbuzz
By Ravi Kumar
