Landmark Properties JV receives $161m financing for student housing portfolio
Walker & Dunlop has structured $160.7 million in financing for the 908 Portfolio and the Zaragon Portfolio. Totaling 1,576 beds, the combined portfolio comprises five dedicated student housing properties, two of which include an affordability component, consistent with the S.M.A.R.T. Housing Policy Initiative implemented by the City of Austin.
Walker & Dunlop worked on behalf of the joint venture owners, Landmark Properties and Ocean West Capital Partners, to develop a tailored financing solution for the five-property acquisition.
“These properties are high-quality student housing assets located at flagship universities that we plan to own and operate for the foreseeable future. It was a pleasure to work with Walker & Dunlop and both GSEs to structure attractive debt to meet our long-term goals," stated Wes Rogers, Landmark Properties president and CEO.
Located in Ann Arbor, Mich., the Zaragon Portfolio comprises ZWest and ZPlace, two non-contiguous properties catering to students attending the University of Michigan. The properties were financed with a 10-year Fannie Mae loan featuring full-term interest-only payments. Walker & Dunlop also leveraged the GSE’s Green Rewards program, which provides discounted rates to owners and developers who implement energy- and water-saving improvements.
The 908 Portfolio includes Nine at Tallahassee, located in Tallahassee, Fla., and Nine at West Campus, and Nine at Rio, both located in Austin, Texas. Serving students of Florida State University and the University of Texas, respectively, the portfolio was financed by a 10-year, full-term, interest-only loan from Freddie Mac.
