Walker & Dunlop just announced that it structured $25,350,000 in financing for The Retreat at Tampa, a Class A dedicated student housing property in Tampa, Florida. Located adjacent to the University of South Florida, the cottage style community was built in 2017 and comprises 416 beds in total.
Walker & Dunlop Senior Managing Director Will Baker, Senior Director William Shell, and Associate Director Doug McDaniel provided the debt in collaboration with the experienced student housing team at TSB Capital Advisors. The team leveraged its extensive knowledge of student loan programs and canvassed its vast network of capital providers on behalf of the buyer, Nimes Real Estate. Walker & Dunlop ultimately provided the capital through its own balance sheet lending program, which offers permanent and short-term, nonrecourse loans for properties that are being acquired or repositioned.
Shell commented, “Despite uncertainty surrounding the student housing market, we were pleased to be able to offer competitive terms for Nimes Real Estate, an experienced and well-respected student housing operator. The Retreat at Tampa is exceptionally well located and caters to the University of South Florida’s 44,000+ students.”
“This is a prime example of the power of Walker & Dunlop’s platform. Being able to provide flexible financing solutions to our clients fills a critical void in the lending market,” added Baker. “Through our program, we successfully provided higher proceeds to this strong, repeat client.”
“Walker & Dunlop exceeded our expectations, providing an execution that enhanced our investment returns. Additionally, they went above and beyond the normal level of service to assist Nimes Real Estate with maintaining the extremely compelling investment returns despite the transaction closing during a period of extreme interest rate volatility,” remarked 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 for full furniture rental packages. Each of the luxury cottages features decks or patios, private bedrooms with individual bathroom suites, walk-in closets, high-end finishes, hardwood-style flooring, granite kitchen countertops, and stainless steel appliances. Community amenities include a resort-style pool, grilling area, state-of-the-art fitness center, computer lounge, study rooms, an enclosed dog park, and expansive green space.
For expert data on the student housing market, read Walker & Dunlop’s Student Housing Year End Report.