Scion Student Communities, a joint venture between The Scion Group, General Investment Corporation of Singapore and the Canada Pension Plan Investment Board have closed on a $707 million loan. The funding will be used for the acquisition of a portfolio of 23 student housing properties. The financing was arranged by Walker & Dunlop with a mix of fixed and floating rate loans with staggered maturities from Fannie Mae. Walker & Dunlop has financed four large acquisition pools for Scion since 2016, totaling over $2 billion in debt.
“We appreciate the opportunity to partner with both Scion and Walker & Dunlop to close another structured Credit Facility transaction,” said Jeffrey Ketron, Vice President of Multifamily Lender Relationships, Fannie Mae. “Scion’s strategy of providing multiple student housing options presents students at all income levels with safe, affordable housing. Walker & Dunlop was Fannie Mae’s largest partner in 2017, and it is clear that they worked tirelessly to find the right execution for this large and complex transaction.”
