Philadelphia — Campus Apartments has received $402.6 million for the refinancing of a 19-property student housing portfolio and the acquisition of one student housing community, which collectively total 9,332 beds.
The financing was provided by KeyBank and includes a non-recourse Fannie Mae Credit Facility with a 10-year interest-only period secured by 17 undisclosed student housing communities; $18.9 million in refinancing for two communities in Statesboro, Georgia, and Lafayette, Louisiana; and $29.3 million in acquisition financing for The Hudson, a student housing property located near Georgia Southern University in Statesboro. Steven Hamm and Tom Hunter of KeyBank structured the financing.
While the names of the involved communities were not disclosed, the properties are located near the following universities: Emory University; Franklin & Marshall College; Colorado State University; Ohio State University; Georgia Southern University; Virginia Commonwealth University; the University of Louisiana at Lafayette; University of Georgia; University of Arizona; University of Central Florida; Louisiana State University; North Carolina State University; and the University of California, Riverside. Philadelphia-based Campus Apartments has over $1.5 billion in assets under management.