Walker & Dunlop closes $707 million credit facility for student housing portfolio
Bethesda, MD — Walker & Dunlop, Inc. funded a $707 million credit facility for the acquisition of 23 student housing properties for Scion Student Communities LLC, a joint venture among The Scion Group LLC (Scion), General Investment 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 Coleman, 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 in superior execution for a large and fairly complex transaction,” said Avi Lewittes, chief investment officer of The Scion Group LLC. “Especially important to us is Walker & Dunlop’s consistent ability to synthesize its broad resources and expertise in a fully coordinated and seamless manner to deliver comprehensive financing solutions.” Chairman and chief executive officer of Walker & Dunlop, Willy 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 Housing companies in the United States.” Walker added, “Our team, in conjunction with Fannie Mae, did an exceptional job structuring and executing on this complex financing.”“We appreciate the opportunity to partner with both Scion and Walker & Dunlop to close another structured Credit Facility transaction,” said Jeffrey Ketron, vice president of multifamily lender relationships, Fannie Mae. “Scion’s strategy of providing multiple student housing options presents students at all income levels with safe, affordable housing. Walker & Dunlop was Fannie Mae’s largest partner in 2017, and it is clear that they worked tirelessly to find the right execution for this large and complex transaction.”