M id A tlantic F inancial D igest Led by managing directors Will Baker and Brendan Coleman Walker & Dunlop closes $707 million credit facility for student housing portfolio
Real Estate Journal — March 16 - 29, 2018 — 3A
www.marejournal.com
ethesda, MD — Walker & Dunlop, Inc. funded a $707 mil- lion credit facility for the ac- quisition of 23 student housing properties for Scion Student Communities LLC, a joint ven- ture among The Scion Group LLC (Scion), General Invest- ment Corporation of Singapore (GIC) and Canada Pension Plan Investment Board (“CPPIB”). Walker & Dunlop has financed four large acquisition pools for Scion since 2016, totaling over $2 billion in debt. Walker & Dunlop’s team, led by managing directors Will Baker and Brendan Cole- man , structured a Fannie Mae Credit Facility with a mix of fixed and floating rate loans with staggered maturities. “Once again, Walker &Dunlop’s tireless commitment, creativity, and market knowledge resulted B PHILADELPHIA, PA — Hol- liday Fenoglio Fowler, L.P. (HFF) announced the $160 mil- lion sale and financing of 1600 Market St., a class A, 39-story office tower totaling 825,968 s/f in Philadelphia’s CBD. The HFF team represented the seller, Equity Common- wealth, and procured the buy- er, an affiliate of American Real Estate Partners (AREP). Addi- tionally, HFF worked on behalf of AREP and its institutional joint venture partner to secure a three-year, floating-rate loan for the acquisition. The HFF investment advi- sory team representing the seller included senior man- aging director Doug Rodio and managing director Brett Segal . In other news, HFF an- nounced $115.4 million in construction financing and pre- ferred equity for Scout on the Circle, a 551,000 s/f, mixed-use residential and retail develop- ment in Fairfax, VA. The HFF team worked on behalf of the developer, Combined Properties, In-
Cottages of Tempe
Sterling Burbank LSU
in superior execution for a large and fairly complex transaction,” said Avi Lewittes , chief invest- ment officer of The Scion Group LLC. “Especially important to us is Walker & Dunlop’s con- sistent ability to synthesize its broad resources and expertise in a fully coordinated and seam- less manner to deliver compre- hensive financing solutions.”
Chairman and chief executive officer of Walker &Dunlop, Wil- ly Walker, said, “It is an honor to be the selected financing partner, once again, for Scion as they continue building one of the premier Student Hous- ing companies in the United States.” Walker added, “Our team, in conjunction with Fan- nie Mae, did an exceptional job
structuring and executing on this complex financing.” “We appreciate the opportu- nity to partner with both Scion and Walker & Dunlop to close another structured Credit Fa- cility transaction,” said Jeffrey Ketron , vice president of mul- tifamily lender relationships, Fannie Mae. “Scion’s strategy
of providing multiple student housing options presents stu- dents at all income levels with safe, affordable housing. Walk- er & Dunlop was Fannie Mae’s largest partner in 2017, and it is clear that they worked tire- lessly to find the right execu- tion for this large and complex transaction.” n
Holliday Fenoglio Fowler, L.P. announces $160M sale and financing of 1600 Market in Philadelphia’s CBD
Carras, Walter Coker, Brian Crivella, JohnOwendoff and Jordan Lex. HFF announced the $11.2 million acquisition financing for Silver Star Commerce Center, an eight-building light indus- trial center totaling 254,915 s/f in Orlando, FL. The HFF teamworked on be- half of the borrower, Denholtz Associates , to place a three- year, floating-rate loan with Rialto Capital Management (Rialto). Proceeds will be used to purchase the property and make capital improvements, including a new façade, exte- rior painting, new tailboard and dock levelers, constructing truck wells and replacing the tenant entrance doors. Situated on 19.50 acres at 3600-3820 Silver Star Rd., Sil- ver Star Commerce Center is in the Northwest Orange County Industrial submarket. The HFF debt placement team included managing di- rector Michael Klein , direc- tor Preston Reid and senior managing director Michael Weinberg . n
1600 Market St.
Scout on the Circle
corporated, to arrange a $100 million, floating-rate construction loan and $15.4 million in preferred equity. Scout on the Circle will be a premier mixed-use community with three individual build- ings: a 54,000 s/f, single-story grocery store on the eastern corner of the property with prominent signage and front- age on Fairfax Blvd./Rte. 50 and Blake Lane/Rte. 655 along with two five-story luxury apartment buildings above
Silver Star Commerce Center
ground-floor retail podiums encompassing a total of 400 apartments and 29,000 s/f of
retail. The HFF team representing the developer included Susan
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