Walker & Dunlop Structures $ 25 million in acquisition funding for student housing serving the community University of South Florida
TAMPA, FL – Walker & Dunlop, Inc. announced that it has structured $ 25,350,000 in funding for The Retreat at Tampa, a dedicated Class A student housing property in Tampa, Florida. Located adjacent to the University of South Florida, the cottage-style community was built in 2017 and has 416 beds in total.
Walker & Dunlop Senior Managing Director Will Baker, Senior Managing Director William Shell and Associate Director Doug McDaniel provided the debt in conjunction with the experienced student housing team at TSB Capital Advisors. The team leveraged their in-depth knowledge of student loan programs and leveraged their extensive network of capital providers on behalf of the buyer, Nimes Real Estate. Walker & Dunlop ultimately provided the capital through its own on-balance sheet loan program, which offers permanent and short-term non-recourse loans for properties in the process of being acquired or repositioned.
Mr. Shell commented: “Despite the uncertainty surrounding the student housing market, we were pleased to be able to offer competitive terms to Nimes Real Estate, an experienced and respected student housing operator. The Retreat at Tampa is exceptionally well located and caters to the 44,000+ students of the University of South Florida. ”
“This is a great example of the power of the Walker & Dunlop platform. Being able to provide flexible financing solutions to our clients fills a critical void in the lending market, ”added Mr. Baker. “Through our program, we have been able to deliver higher revenues to this strong and loyal customer.”
“Walker & Dunlop exceeded our expectations, delivering execution that improved our returns on investment. In addition, they went above and beyond the normal level of service to help Nimes Real Estate maintain extremely convincing investment returns despite the closing transaction during extreme period. interest rate volatility, “noted Randy Winograd, President of Nimes Real Estate.” We look forward to working with Walker & Dunlop in the future as we continue to expand our student housing portfolio. “
The Retreat at Tampa offers spacious floor plans with three and four bedroom layouts, as well as the option of full furniture rental packages. Each of the luxury chalets includes terraces or patios, private bedrooms with individual bathrooms, walk-in closets, high-end finishes, hardwood floors, granite kitchen counters and stainless steel appliances. Community amenities include a resort-style swimming pool, grilling area, state-of-the-art fitness center, computer lounge, study rooms, walled dog park, and expansive green space.