TAMPA, FL – Walker & Dunlop, Inc. announced that it has structured funding of $ 25,350,000 for The Retreat in Tampa, a special grade A student residential property in Tampa, Florida. The country style community is adjacent to the University of South Florida and was built in 2017. It has a total of 416 beds.
Walker & Dunlop's senior managing director, Will Baker, the senior director, William Shell, and the associate director, Doug McDaniel, provided the debt in collaboration with TSB Capital Advisors' experienced dormitory team. The team used its extensive knowledge of student loan programs and, on behalf of buyer Nimes Real Estate, gathered its extensive network of financiers. Walker & Dunlop ultimately provided the capital through its own balance sheet loan program that offers permanent and short-term non-recourse loans for properties that are being acquired or repositioned.
Mr. Shell commented, "Despite the uncertainty surrounding the student housing market, we have been pleased to offer competitive rates to Nimes Real Estate, an experienced and respected student housing operator. The Tampa retreat is exceptionally well located and caters to the 44,000+ students from the University of South Florida. "
"This is a great example of the power of the Walker & Dunlop platform. The ability to offer flexible financing solutions to our customers fills a critical void in the credit market," added Baker. "Through our program, we have successfully generated higher revenues for this strong regular customer."
"Walker & Dunlop exceeded our expectations and provided an execution that increased our investment returns. In addition, they went above and beyond normal levels of service to help Nimes Real Estate maintain extremely compelling investment returns despite closing the deal during an extreme period of interest rate volatility "noted Randy Winograd, President of Nimes Real Estate. "We look forward to working with Walker & Dunlop in the future to further expand our student housing portfolio."
The Tampa retreat offers spacious floor plans with three or four bedroom floor plans, plus the option to rent complete furniture. Each of the luxury cottages has patios or patios, private bedrooms with individual bathroom suites, walk-in closets, high quality finishes, parquet floors, granite kitchen countertops and stainless steel appliances. Community amenities include a resort-style pool, BBQ area, state-of-the-art fitness center, computer lounge, study, gated dog park, and extensive green spaces.