Walker & Dunlop, Inc. announced today that it structured $292,695,000 in financing for The Sol at West Village, a 2,289-bed dedicated student housing community located adjacent to the campus of the University of California-Davis (UC Davis), in Davis, California.
Walker & Dunlop Senior Managing Director Will Baker, Senior Director William Shell, and Associate Director Doug McDaniel provided the debt, in collaboration with Tim Bradley of TSB Capital Advisors. The team leveraged their extensive experience with Fannie Mae loan programs to secure competitive acquisition financing for the joint venture owners, Landmark Partners and Ocean West Capital Advisors.
“Walker & Dunlop is a critical partner in helping us meet our financing needs," Landmark Properties President and CEO Wes Rogers said. "We can always rely on their team's comprehensive financing approach to get the job done and allow us to continue focusing on our strategic growth goals."
Mr. Baker commented, "We were thrilled to once again work with the Landmark and Ocean West teams, both experienced and respected players in the student housing industry. Walker & Dunlop's scale and established partnership with Fannie Mae allowed us to secure flexible terms and lock in an attractive rate for our client.”
The Sol at West Village was built on the grounds of UC Davis in three phases between 2011 and 2013 and offers high-end unit interior finishes and student-centric amenities. The property is the only upscale student housing community in the market, featuring modern kitchens, private bathrooms, and flat-screen televisions in every unit, as well as common area amenities including two pools, outdoor lounges and kitchens, conference rooms, a media theater, fitness center/yoga studio, dog park, and a 5,000 square-foot study hall. The property is located on the university bus line and features bicycle and pedestrian paths providing direct access to the central campus.
The property is also the nation’s largest aspirational zero net energy (ZNE) community in the United States, combining energy-efficient technology with on-site energy production via rooftop and vertical solar panel installations. The 4.1-megawatt photovoltaic system includes more than 33,000 solar panels property-wide and is capable of producing 100% of the property’s annual energy usage.
Walker & Dunlop is a leader in the student housing space, ranking as the #1 or #2 Fannie Mae DUS Producer for Student Housing in 2017, 2018, and 2019. Walker & Dunlop was also ranked as the #1 overall Fannie Mae DUS lender in 2019. 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 40 offices across the nation have an unyielding commitment to client satisfaction.