Uncertainty and a lack of perm financing didn’t bother Nimes Capital as it purchased The Ballpark, a student housing apartment complex serving the University of Texas. Walker & Dunlop managing director of multifamily finance Will Baker (here with his wife Susannah and six-month-old daughter Annie on a trip to Turks and Caicos last week) arranged the acquisition loan and tells us it was a unique and challenging deal—Nimes purchased the asset out of foreclosure in a stalking horse auction. It was awarded the deal after a full sales and marketing process by FourPoint Investments, but because it could’ve gotten outbid on the courthouse steps, it couldn’t secure permanent financing.

Walker & Dunlop provided a short-term bridge loan on its balance sheet so Nimes could secure the deal, and simultaneously worked on a perm loan from Freddie Mac. Once the auction was closed, Nimes was able to lock in that $23M, non-recourse 10-year loan. The Ballpark was built in 2000 and has 768 beds. Will believes 2015 will be a good student housing year overall, and both agencies are increasing student housing allotments and reducing pricing for the sector to be more like conventional multifamily.