$285.5 Million Refinancing Closed for Vantage and The View at Montgomery

Author

Slice of Real Estate Team
July 29, 2024

Key Highlights:

  • $285.5 million refinancing for student housing at Temple University.

  • Walker & Dunlop Bethesda Multifamily Finance and New York Capital Markets teams led the financing.

  • Freddie Mac loans and preferred equity investment provided by Walker & Dunlop Investment Partners (WDIP).

  • 19-story Vantage and 14-story The View at Montgomery offer prime student housing amenities.

  • The Goldenberg Group acquired and developed the properties.

Source (Business Wire)

Notable Quotes:

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“WDIP’s deep expertise in the student housing space enabled us to step in and provide preferred equity for these prime properties, leveraging the strong collaboration within our Walker & Dunlop platform.”

Brian Cornell, Managing Director and Head of WDIP Equity at Walker & Dunlop Investment Partners
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"The Goldenberg Group’s impeccable attention to detail has created an unmatched experience for the Temple students and in turn driven rent growth in excess of conventional multifamily assets."

Connor Locke, Managing Director of Multifamily Finance at Walker & Dunlop
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"Our commitment is to be a source of positive transformation in the neighborhood and deliver exceptional student housing experiences in vibrant university communities."

Mark Caltabiano, Executive Vice President of Asset Management at The Goldenberg Group

Our Take:

The $285.5 million refinancing of Vantage and The View at Montgomery represents a significant milestone in the student housing sector for 2024. Walker & Dunlop's ability to secure such substantial financing, despite the challenging macroeconomic environment, underscores their expertise and the resilience of the student housing market. This transaction not only highlights the collaboration between multiple teams within Walker & Dunlop but also demonstrates the enduring appeal of quality student housing developments near major university campuses. The Goldenberg Group's strategic vision and commitment to quality have paid off, ensuring that Temple University students benefit from top-tier living conditions, which in turn drives consistent demand and financial performance for these properties.