Walker & Dunlop Arranges $286M Philadelphia Student Housing Refi
The Goldenberg Group developed the properties, which are located near Temple University.
The Goldenberg Group has refinanced two student housing properties totaling 1,816 beds near Temple University in Philadelphia with a $285.5 million package secured by Walker & Dunlop. The deal, which included a preferred equity investment from alternative investment manager Walker & Dunlop Investment Partners, is one of the largest student housing financings closed this year.
Walker & Dunlop’s Bethesda Multifamily Finance and New York Capital Markets teams acted as exclusive advisors to The Goldenberg Group, originating the seven-year fixed-rate loans through Freddie Mac.
The refinancing package for Vantage, located at 1717 N. 12th St., totaled $176 million. The total refinancing for The View at Montgomery, 1100 W. Montgomery Ave., was $109.5 million.
Amenities abound
The View at Montgomery was completed in 2014. The tower has a variety of units, from studios to four-bedroom apartments, across 235,513 rentable square feet. Amenities include study and computer lounges, a fitness center, top-floor sky lounge, bicycle storage and a package and mail center.
Initially dubbed The View II, Vantage was completed in 2019. The building’s unit mix also ranges from studios to four-bedroom apartments and has nearly 323,000 rental square feet of space. It has more than 30,000 square feet of amenity space including a study center, an indoor/outdoor fitness center, a virtual golf simulator and music, art and tech specialty rooms, as well as a coffee bar and an 18th-floor Sky Lounge.
Both properties offer fully furnished units with amenities such as full-size refrigerators, built-in full-size microwaves, dishwashers, quartz countertops, flat-screen televisions in the living rooms, hardwood style flooring and contemporary cabinets.
The Goldenberg Group, a Blue Bell, Pa.,-based developer of residential, mixed-use and retail properties, acquired the site for Vantage, a 19-story building with 368 units and 984 beds, and The View at Montgomery, a 14-story tower with 238 units and 832 beds, in 2008 as part of a multi-phased plan to bring rental student housing to Temple University. Both mixed-use properties feature numerous retailers including CVS Pharmacy, Chase bank, Five Guys, Chipotle, Potbelly, Blaze Pizza and Old Nelson Food Co.
Financing
The Walker & Dunlop Bethesda Multifamily Finance team was led by Connor Locke, Colin Coleman, Brendan Coleman, Chris Forte, Adam Johnston and Skye Stansbury. The Walker & Dunlop Capital Markets team was led by Adam Schwartz, Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno and William Herring.
The Walker & Dunlop Investment Partners team was led by Brian Cornell, Marcus Duley, Duncan McHale and Brent George.
