Finance

Astro-Apartments

Albany, N.Y. — KeyBank Real Estate Capital (KBREC) has secured an $11.1 million refinancing for Astro Apartments, a student housing community located near the State University of New York (SUNY) Albany campus on Washington Avenue. The garden-style property offers fully furnished units in studio, one- and two-bedroom configurations. Built in 1998, the complex is situated on 2.4 acres and is composed of two three-story buildings. Dirk Falardeau and Mark Flanders of KBREC’s commercial mortgage group structured the Freddie Mac, fixed-rate financing. The borrower in the transaction was not disclosed. 

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The-Radian

Chicago — Walker & Dunlop has provided a $380 million refinancing for a portfolio of 11 student housing properties. The communities are owned by a joint venture between Chicago-based The Scion Group and several undisclosed investors. Colin Coleman, Brendan Coleman and Will Baker of Walker & Dunlop structured the Fannie Mae credit facility, which will allow the borrowers to eliminate all floating-rate exposure from their original credit facility. The portfolio of properties includes Ion Tuscaloosa in Tuscaloosa (The University of Alabama); University House Fayetteville in Fayetteville (The University of Arkansas); Redpoint Gainesville in …

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Nine-East-33rd

Baltimore — Lument has provided a $64.6 million refinancing for Nine East 33rd, a 568-bed student housing property located near Johns Hopkins University’s Homewood campus in Baltimore. Tim Smits of Lument led the team in placing the loan through Freddie Mac’s capital markets execution program. The loan features a five-year, fixed-rate mortgage with interest only payments. The borrower in the transaction is HH Fund. Developed in 2016, the community offers one-, two-, three- and four-bedroom fully furnished units. 

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Bethesda, Md. — Walker & Dunlop has been recognized as the largest Fannie Mae DUS (Delegated Underwriting and Servicing) lender by volume for last year, with $6.6 billion in multifamily originations in 2023. Additionally, Fannie Mae has named the Bethesda-based firm as the top producer for green financing and for student housing. Walker & Dunlop also took the third places amongst producers of multifamily affordable housing and as a producer for small loans. Freddie Mac also recognized Walker & Dunlop as the third biggest Optigo lender in 2023, with a …

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Mustang-Village

Jacksonville, Ala. and Wichita Falls, Texas — Calidus has received $25 million for the refinancing of two student housing properties in Alabama and Texas. Communities include Mustang Village, located less than one mile from the Midwestern State University campus in Wichita Falls, Texas; and Gamecock Village, located blocks away from the Jacksonville State University campus in Jacksonville, Alabama. The properties offer a combined 504 beds in two- and three-bedroom units with bed-to-bath parity. Shared amenities at both properties include resort-style swimming pools, fitness centers, game rooms, study space, sand volleyball …

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Vue53

Chicago —  JLL Capital Markets has arranged a $45 million loan for the refinancing of Vue53, a 403-bed student housing property at the University of Chicago. Vue53 offers 267 units in studio, one- and two-bedroom layouts. Amenities include a bike storage facility, business center, study lounges, a fitness center, clubroom and sundecks. Residents also have access to a 24-hour doorman, onsite parking, package storage and handling, and campus shuttle pickup. The property features 27,367 square feet of ground-floor retail space that is anchored by a Target with a Starbucks. Brian …

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Student-Housing-Bloomington-IN

Bloomington, Ind. — Greystone Monticello has provided a $36.3 million bridge loan for a 226-unit student housing property in Bloomington. Greystone intends to transition the asset to a permanent exit with a HUD-insured green financing. Michael Zukerman and Adam Lipkin of Greystone originated the loan. Borrower information was not provided. The Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries.

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Mark-Athens

Athens, Ga. — Landmark Properties has recapitalized The Mark Athens, a 1,364-bed student housing property located at 130 Hickory St. near the University of Georgia campus. The property was developed in two phases, with the first phase completed in 2017 and the second phase completed in 2022. The community offers studio through six-bedroom apartments, alongside 67,000 square feet of retail and 46,734 square feet of office space. Landmark occupies over 90 percent of the office space. The community also features 55,000 square feet of shared amenity space, including a rooftop …

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Standard-Austin

Austin, Texas — Landmark Properties has recapitalized The Standard at Austin, a 934-bed student housing community located at 715 W. 23rd St. near the University of Texas at Austin campus. TSB Capital Advisors secured debt for the transaction. Completed in 2021, the development offers studio through six-bedroom units. Shared amenities include a state-of-the-art fitness center, study lounges and a rooftop pool deck with a jumbotron. The property won Student Housing Business’ Innovator Award for ‘Off Campus: Best Architecture & Design with More Than 400 Beds’ in 2022. Further details on …

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Marietta, Ga. — Cardinal Group Investments and StepStone Real Estate have recapitalized Copper Social, a student housing community located near the Marietta campus of Kennesaw State University. Cardinal and StepStone plan to implement renovations at the property, to include interior updates to in-unit flooring and refreshments to the pool area. The business plan for the community also includes integrating Cardinal’s centralized services platform, CX3, into community operations. Evercore acted as financial advisor on the transaction and TSB Capital Advisors procured debt for the acquisition.

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