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CaliforniaDevelopmentFinanceNews

JLL Secures Financing for 260-Bed Development Near University of Southern California

by Katie Sloan

Los Angeles — JLL has secured financing for USC Expo, a 260-bed student housing development located near the University of Southern California campus in Los Angeles. Greg Brown and Zane Sweet of JLL worked on behalf of the sponsor, Mosaic Investment Partners, to secure both joint venture equity and mezzanine financing from HC2 Capital, and a senior construction facility from Calmwater Capital. The seven-story community is expected for completion in spring 2025 and will offer fully furnished studio, one-, two-, three-and four-bedroom units. Shared amenities will include a rooftop swimming …

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FeaturesFinanceIndustry contentOff-campusOn-campusVideosWebinars

Webinar: Intelligent Underwriting — Getting a Deal Done in Today’s Student Housing Market

by Sarah Daniels

  Strategic underwriting is crucial to successfully closing student housing sector deals. The June 15 webinar “Intelligent Underwriting — Getting a Deal Done in Today’s Student Housing Market,” hosted by Student Housing Business and sponsored by College House, explored the innovative strategies and tools that can help real estate professionals find success via market analysis and due diligence. Expert panelists from the industry shared their insights, discussed emerging trends and provided practical tips to enhance underwriting processes within the student housing market. Learn more about the following topics: Click to watch the webinar and find more information. Download …

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Morgantown_West-Virginia
FinanceNewsWest Virginia

Maverick Arranges $5.4 Million Loan for Student Housing Community Near West Virginia University

by Katie Sloan

Morgantown, W.Va. —  Maverick Commercial Mortgage Inc. has arranged a $5.4 million loan for the refinancing of a 114-bed student housing property situated adjacent to the campus of West Virginia University in Morgantown. The name and address of the 34-unit property was not disclosed. Maverick Commercial arranged the 10-year, fixed-rate loan with a 25-year amortization schedule through an unnamed national bank on behalf of the borrower, a national developer based in Indianapolis.

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FinanceIndianaInvestment SalesNews

BWE Arranges $36 Million Acquisition Loan for 796-Bed Student Housing Property Near Indiana University

by Katie Sloan

Bloomington, Ind. — Bellwether Enterprise (BWE) has arranged a $36 million loan for the acquisition of The Monroe, a 796-bed student housing property at Indiana University in Bloomington. Christopher Carroll and Max Miller of BWE arranged the loan on behalf of the borrower, Campus Realty Advisors, which plans to make upgrades to the community. According to BWE, Indiana University had record freshmen enrollment in 2022 with more than 10,200 students.

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Outpost-San-Marcos
FinanceNewsTexas

The Preiss Co. Recapitalizes 486-Bed Student Housing Property Near Texas State University, Plans Renovations

by Katie Sloan

San Marcos, Texas — The Preiss Co. has recapitalized Outpost San Marcos, a 486-bed student housing community located near the Texas State University campus in San Marcos. The property is owned by Preiss through a joint venture with an undisclosed, Los Angeles-based real estate investment firm. The community offers two-, three- and four-bedroom, furnished units with bed-to-bath parity. Renovations are planned for the community, which will total $3.3 million and include updated cabinetry, countertops, flooring and furniture in more than half of the units; exterior updates including the addition of …

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AlabamaFinanceNews

WFI Receives $37.5 Million Refinancing for 501-Bed Community near Auburn University

by Katie Sloan

Auburn, Ala. — WFI has received a $37.5 million refinancing for The Union at Auburn, a 501-bed community serving students attending Auburn University in Alabama. The property is located at 900 W. Glenn Ave. and offers two-, three-, four-, five- and six-bedroom units. Tremont Realty Capital provided the financing through Seven Hills Realty Trust, a mortgage REIT managed by the company. The loan is structured with a 30-month initial term and the option for one 12-month extension. Shared amenities include a “state-of-the-art” clubhouse; two-story fitness center, including space for barre, …

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Bayview-Renegade
FeaturesFinanceNews

Fed Meeting Today: Will Interest Rate Hikes Take a Pause in Light of Recent Bank Failures?

by Katie Sloan

Are we facing a ninth consecutive interest rate hike from the Federal Reserve? It’s a question that has been looming, and with the arrival of Fed Day, an answer is finally in sight.  The past few weeks have seen the second largest bank failure in U.S. history with the failure of Silicon Valley Bank; the failure of Signature Bank; and the downgrade of the U.S. banking system by Moody’s Investors Service. As we await this afternoon’s decision, SHB caught up with several industry experts to discuss their predictions for the …

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CaliforniaFinanceNews

Champion Real Estate Receives $16.1 Million Refinancing for Community Near University of Southern California

by Katie Sloan

Los Angeles — Champion Real Estate Co. has received a $16.1 million refinancing for Victory on Portland, a 139-bed student housing community located at 2353 Portland St. near the University of Southern California campus in Los Angeles. The company, which purchased the property in March 2020 for $14.1 million, secured the long-term, fixed-rate financing through Wintrust Bank. Champion renovated the community by upgrading mechanical systems; renovating interior units; enhancing curb appeal; increasing the amenity package; and rebranding the property. The company also added eight units, totaling 37 beds, to the …

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Bayview-Renegade
DevelopmentFinanceFloridaNews

Joint Venture Receives $63 Million Construction Financing for Development Near Florida State

by Katie Sloan

Tallahassee, Fla. — A joint venture between Charles Street Development and ACRES Realty Funding has received $63 million in construction financing for Renegade Apartments, a 153-unit student housing development in Tallahassee. The community will be located blocks from the university’s campus at 501 Chapel Drive. Bayview Asset Management originated the financing, funding the debt stack through its wholly owned subsidiaries Bayview PACE and Oceanview Life and Annuity Co. The project’s development team includes Humphreys & Partners, HPA Design Group and Ruscilli Construction Co. The community is scheduled for completion in …

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FinanceNewsWashington, DC

Preston Hollow Community Capital Closes $300 Million Refinancing for Residence Hall Portfolio at Howard University

by Katie Sloan

Washington, D.C. — Preston Hollow Community Capital has closed on $300 million in tax-exempt bond financing. The loan will consolidate financing of Howard University’s Towers, Drew, Cook, Quad and Axis residence halls in Washington, D.C. Loop Capital Markets served as sole underwriter for the bonds and Orrick, Herrington & Sutcliffe acted as bond counsel. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo acted as counsel to the underwriter. Lerch Early & Brewer acted as counsel to Howard University.

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