Walker & Dunlop Arranges $555.6 Million Fannie Mae Refinance for Scion Group's 14-Property Student Housing Portfolio
Walker & Dunlop has arranged $555.6 million in financing for a portfolio of 14 student housing properties owned by The Scion Group, the company announced July 30. The deal, structured as a floating-rate, interest-only loan through an existing Fannie Mae credit facility, covers 4,295 units and 10,454 beds spread across nine states.
Deal Structure and Team
Walker & Dunlop Capital Markets Real Estate Finance arranged the financing on behalf of The Scion Group, a longtime client. Colin Coleman, managing director of Capital Markets Real Estate Finance at Walker & Dunlop, led the transaction alongside Brendan Coleman and Will Baker.
"Our longstanding relationship with The Scion Group and Fannie Mae enabled us to deliver a financing solution tailored to the needs of a large, institutional portfolio," Colin Coleman said in a statement. "This transaction demonstrates the value of combining deep market expertise with a collaborative approach to help our clients achieve their long-term investment objectives."
The loan closed within one of Scion's four Fannie Mae credit facilities, all of which were originated by Walker & Dunlop — a detail that underscores the depth of the repeat-financing relationship among the borrower, lender, and arranging firm.
Portfolio Geography and Scale
The 14 communities are located in Arizona, Alabama, California, Colorado, Florida, Georgia, Louisiana, North Carolina, and Texas. Individual property names and addresses were not disclosed in connection with the transaction.
The Scion Group is the largest owner and operator of student housing communities globally, with 190 communities and nearly 118,000 beds across 94 university markets. The refinanced portfolio represents a portion of that broader platform.
The floating-rate, interest-only structure indicates the borrower is prioritizing balance-sheet flexibility and capital efficiency. The financing supports Scion's long-term ownership strategy while providing flexible capital across a geographically dispersed portfolio.
Market Context: Student Housing Demand and Capital Flows
Walker & Dunlop's 2026 Student Housing Outlook finds that demand continues to outpace supply across most major university markets, with performance increasingly driven by local market conditions rather than national trends. The firm notes that capital is concentrating in flagship universities with durable enrollment growth, limited new supply, and strong long-term fundamentals — characteristics that favor institutionally owned, diversified portfolios.
The transaction reflects a broader pattern in the sector: institutional owners are using agency-backed refinancings to extend hold periods and access liquidity without forcing asset dispositions in a more selective financing environment.
Walker & Dunlop's Agency Lending Platform
Walker & Dunlop has been the largest Fannie Mae DUS lender by volume for seven consecutive years, a distinction the firm held again in 2025. That year, the firm originated nearly $19 billion in Agency volume and completed more than 49 student housing transactions valued at nearly $1.9 billion.