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8/22/16
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Walker & Dunlop Inc recently structured three loans totaling $48.75 mil on Utah student housing facilities utilizing Freddie Mac financing. The loans were for The Lodges at Glenwood, Raintree Commons, and Cambridge Court, all off-campus dedicated student housing facilities in Provo.
Each loan is structured with a 10-year term and five years interest only, followed by a 30-year amortization schedule. Based out of the Birmingham, Alabama office, Will Baker, senior vice-president and managing director, led the Walker & Dunlop team. Baker noted, “This deal was unique, as Freddie Mac visited the sites in order to meet the borrower and observe specific details and intricacies about each property. As a result of the visits, Freddie Mac became acclimated and comfortable with the properties and their assets, and thus approved of the financing structure.”
The garden-style apartment properties are preferred off-campus housing of BYU students and located just minutes from campus. Additionally, the student housing facilities have excellent access to Route 89, Interstate 15, and prime Provo and Orem shopping. Common property amenities include private balconies/patios, furnished units, parking, pools with cabanas, clubhouses with TV lounges, on-site maintenance, laundry facilities, and BBQ areas.
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