JV Secures $707M for Student Housing Portfolio

Walker & Dunlop structured a Fannie Mae credit facility with a mix of fixed- and floating-rate loans for the joint venture's purchase of 24 student housing properties.

8N Lofts, University of Nebraska
8N Lofts, University of Nebraska

Scion Student Communities—a joint venture of The Scion Group, General Investment Corp. of Singapore and the Canada Pension Plan Investment Board—has secured a $707 million credit facility for the acquisition of 24 student housing communities

Walker & Dunlop structured a Fannie Mae credit facility with a mix of fixed- and floating-rate loans that offered staggered maturity dates. The company has financed four acquisition pools for Scion since 2016, totaling more than $2 billion in debt. 

Portfolio Details 

The joint venture acquired the portfolio earlier this month. It features 13,666 beds across 20 university campuses. The purchase includes 22 properties bought from Harrison Street Real Estate Capital and the recapitalization of two communities previously owned by Scion-affiliated private syndications. Among the assets are 8N Lofts in Lincoln, Neb.; Annex in Oxford, Ohio; Atmosphere in Fayetteville, Ark.; Lux on Capitol in Indianapolis; and Venue at Dinkytown in Minneapolis. CPPIB and GIC each owns a 45 percent interest in the new portfolio, and Scion owns the remaining 10 percent. 

Managing Directors Will Baker and Brendan Coleman arranged the credit facility on behalf of Scion. “We were very pleased to work on another milestone investment with Scion, the second-largest student housing owner/operator in the country,” Baker told Multi-Housing News. “This was our fourth and largest transaction with them, and we are grateful not only for our strengthened relationship but the opportunity to deepen our expertise in the areas of student housing and large pools.”

Image courtesy of Scion Student Communities