BETHESDA, Md., Nov. 14, 2019 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it structured Freddie Mac
financing for The Cottages at Lake Tamaha. Located in
Tuscaloosa, Alabama, the dedicated
student housing community is comprised of 294 cottage-style homes
ranging in size from two bedrooms to five bedrooms.
Walker & Dunlop Managing Director Will Baker, Vice President William Shell, and Assistant Vice President
Doug McDaniel provided the debt,
working alongside Tim Bradley of TSB
Capital Advisors, who brokered the transaction. Leveraging their
broad experience with Freddie Mac loan programs, the Walker &
Dunlop team identified the Capital Markets Execution (CME) to lock
in an attractive rate and five years of interest-only payments for
the seven-year loan term. The debt provides a streamlined refinance
solution for the property owner, Cardinal Group Investments,
replacing two separate maturing loans that the borrower assumed
upon acquiring the property in 2017.
Richard Randall, Vice President
at Cardinal Group Investments, commented, "TSB and the W&D team
members were excellent to work with and provided exceptional
service from start to finish – they listened to our business plan
and presented us with a financing option that best aligns with our
long-term goals for the property."
"We have a long history with this property, having previously
financed it for the original developer, and we were pleased to work
on it again with the Cardinal Group," said Mr. Baker. "The property
continues to maintain strong occupancy, thanks to its tailored
amenity package, a frequent shuttle to campus, the cottage-style
buildings, and the comprehensive improvement program recently
completed by the owner."
Built in two phases, in 2009 and 2010, The Cottages at Lake
Tamaha caters to students of The University of
Alabama seeking off-campus housing. The project won
Multifamily Executive's award for project of the year in 2010 and
offers residents unique cottage-style living quarters as well as a
functional private lake. Community amenities include a cyber café,
clubhouse, game room, movie theater, tanning beds, outdoor grilling
area, and amphitheater. The property also offers ample recreational
space, with a swimming pool, fitness center, indoor golf range,
putting green, as well as volleyball, basketball, and tennis
courts. The property is located just two miles east of the
university's campus and is accessible with a shuttle service
exclusively for residents of the community.
Walker & Dunlop is a leader in the student housing space,
ranking as the #1 student housing lender in the country by
transaction volume in 20181 and closing over
$1.1 billion in student housing
transactions in the last year alone. For more information about
Walker & Dunlop's view on the student housing market, including
insights on micro living, trending property amenities, and foreign
investment activity, read our Student Housing Outlook Report.
About Walker & Dunlop
Walker &
Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest
commercial real estate finance companies in the United States. The company provides a
comprehensive range of capital solutions for all commercial real
estate asset classes, as well as investment sales brokerage
services to owners of multifamily properties. Walker & Dunlop
is included on the S&P SmallCap 600 Index and was ranked as one
of FORTUNE Magazine's Fastest Growing Companies in 2014,
2017, and 2018. Walker & Dunlop's 800+ professionals in 32
offices across the nation have an unyielding commitment to client
satisfaction.
1 Student Housing Business, May/June 2019 Issue
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SOURCE Walker & Dunlop, Inc.