Walker & Dunlop Provides $286M Refi for Temple University Student Housing
Goldenberg Group is refinancing two properties in Downtown Philadelphia with nearly 2,000 beds between them
By Brian Pascus July 22, 2024 3:46 pm
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The Goldenberg Group has secured $285.5 million to refinance two student housing properties near the campus of Temple University in Philadelphia.
Walker & Dunlop provided a seven-year, fixed-rate Freddie Mac (FMCC) loan for Vantage, a 19-story, 368-unit student housing property that opened in 2019, while Walker & Dunlop Investment Partners (WDIP) provided a preferred equity investment on the deal. Total proceeds between the agency debt and preferred equity investment amount to $176 million – $134.09 million through Freddie Mac and $41.9 million from WDIP equity.
The lender also provided a second seven-year, fixed-rate Freddie Mac loan for The View at Montgomery, a 14-story, 238-unit student housing campus that opened in 2014. Together with a second WDIP preferred equity investment on this deal, proceeds total $109.4 million – $83.2 million through Freddie Mac and $26.2 million from WDIP Equity.
Brian Cornell, Marcus Duley, Duncan McHale, and Brent George led both financings for WDIP.
“We are thrilled with the successful refinancing by Walker & Dunlop, Freddie Mac and WDIP,” said Mark Caltabiano, executive vice president of asset management at The Goldenberg Group. “This origination truly demonstrated the power of the Walker & Dunlop platform to pull together a complex transaction.”
Both transactions were arranged by W&D’s Bethesda Multifamily Finance team of Connor Locke, Colin Coleman, Brendan Coleman, Chris Forte, Adam Johnston and Skye Stansbury and the firm’s New York Capital Markets team of Adam Schwartz, Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno and William Herring.
Locke, managing director of multifamily finance at Walker & Dunlop, noted that under the Goldenberg Group’s ownership, which began in 2008, both student housing properties have experienced both rent growths and expedited pre-leasing in recent years.
“This evolution has created additional opportunities for financing, and we are pleased to have worked alongside Freddie Mac and WDIP to secure a comprehensive refinancing solution for The Goldenberg Group,” said Locke in a statement.
Located at 1717 North 12th Street, near University Village just north of Downtown Philadelphia, Vantage holds 984 beds, 323,000 square feet of rentable space, and over 30,000 square feet of amenity space. The View at Montgomery sits next door at 1100 West Montgomery Avenue and features 832 beds and more than 235,000 square feet of rentable square feet.
Brian Pascus can be reached at bpascus@commercialobserver.com.
