ITHACA, NY-A student housing complex that will eventually represent 9% of Cornell University's off-campus housing has gotten $70 million in bridge financing via Walker & Dunlop. Collegetown Terrace Apartments, for which published reports say the developer is locally based Novarr-Mackesey, is located half a mile from the Ivy League campus.

Bethesda, MD-based Walker & Dunlop, through a team led by SVP Brendan Coleman, funded the two-year, interest-only loan through a subsidiary in conjunction with one of the institutional investors in the large-loan bridge venture it announced earlier this month. The company has specialized in providing financing for student housing properties since 1988, and in June it announced financing for off-campus housing in three separate deals worth a combined $61 million.

“The property is a best-in-class asset in one of the tightest student housing markets in the country,” says Jeff Goodman, EVP with Walker & Dunlop. “Lease-up of the new phases has been very strong. Moreover, our borrowers' deep experience in student housing development and management, along with their local roots, contributed to making this an attractive opportunity for our bridge program.” Novarr-Mackesey also manages student housing properties, including Collegetown Terrace.

Collegetown Terrace, intended largely for graduate students, is being built in four phases. When it's completed, it will offer 1,177 beds in more than 800 units. Phase two recently opened to tenants.