“Fannie and Freddie, despite all the chaos and volatility in 2022, actually had very good years in student housing, more so than was expected,” says Will Baker, senior managing director with Walker & Dunlop. “The agencies have started to regain their role as the primary permanent lender in the student space. Going into 2023, with $75 billion per agency to lend — half mission and half non-mission — that’s a lot of dry powder for the year.”