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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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Hub-Tucson
FinanceNews

Global Student Accommodation Secures $550 Million in Financing Facilities Across U.S.

by Katie Sloan

New York City — Global Student Accommodation (GSA) has secured four financing facilities across the U.S. totaling $550 million. The facilities are placed with Pacific Life Insurance Co., J.P. Morgan, TD Bank, PGIM Real Estate and PNC Agency Finance, and provide access to Freddie Mac financing. The new facilities cover over two-thirds of GSA’s U.S. student housing portfolio, which is held in a joint venture partnership with a fund advised by Morgan Stanley Real Estate Investing. The financings offer a mix of fixed- and floating-rates. TSB Capital Advisors acted as …

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Campus-Town-TCNJ
FinanceNew JerseyNews

PRC Group Receives $88.4 Million Refinancing for 612-Bed Community Near The College of New Jersey

by Katie Sloan

Ewing, N.J. — The PRC Group has received an $88.4 million refinancing for Campus Town at TCNJ, a 612-bed student housing community located near The College of New Jersey campus in Ewing. John Banas, Kristopher Wood, Christopher Philipps, Rhett Saltiel, Erik DiGirolamo and Sean Bailey of Walker & Dunlop secured the financing. The property offers 184 units alongside 78,787 square feet of ground floor retail space.

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FinanceMichiganNews

Archway Capital Provides $4 Million Refinancing for Student Housing Portfolio Near University of Michigan

by Katie Sloan

Ann Arbor, Mich. — Archway Capital has provided a $4 million loan for the refinancing of a three-property student housing portfolio serving the University of Michigan in Ann Arbor. The portfolio totals 60 units. The borrower has owned the portfolio for more than 40 years. The two-year loan features a 50 percent loan-to-value ratio.

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The-Park
DevelopmentFinanceIllinoisNewsOff-campus

Draper and Kramer Arranges $14.9 Million Loan for The Park at Constitution Trail Centre Near Illinois State

by Katie Sloan

Normal, Ill. — Draper and Kramer Inc. has arranged a $14.9 million loan for The Park at Constitution Trail Centre, a student housing development near the Illinois State University campus in Normal. The loan will retire existing debt on the first two phases of development at the site, and provide construction financing for Phase III of the project. Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group secured the non-recourse financing on behalf of 100 McKnight LLC. The initial two phases of the community, which were delivered in stages between 2019 and …

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Axiom-Maryland
FinanceMarylandNews

Axiom Arranges $34.5 Million Refinancing for Student Housing Community Near University of Maryland

by Katie Sloan

College Park, Md. — Axiom Capital Corp. has arranged the $34.5 million refinancing of a student housing property located near the University of Maryland in College Park. The fixed-rate, non-recourse loan was secured on behalf of an undisclosed borrower and features a three-year term. The unnamed student housing property offers 232 units alongside amenities including a swimming pool, fitness center, movie theater and shuttle service to both the University of Maryland and Howard University. Built in 2010, the community also offers a 629-stall parking garage and 30 surface-level parking spaces. 

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four-corners
DevelopmentFinanceNewsOhio

Fountain Residential Receives Joint Venture Equity for 404-Bed Development Near the University of Cincinnati

by Katie Sloan

Cincinnati — Fountain Residential Partners has received joint venture equity for the development of Four Corners, a 404-bed student housing project located adjacent to the University of Cincinnati. Jeremy Sain, Teddy Leatherman, Ryan Pollack and Danielle Rice of JLL represented Fountain in the procurement of equity from L&B Realty Advisors on behalf of its client. The development is scheduled for completion in 2024 and will include three four-story buildings. Further details on the development were not disclosed. 

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2538-Durant-Ave
CaliforniaDevelopmentFinanceInvestment SalesNews

Valiance Capital Plans 270-Bed Student Housing Community Near UC Berkeley

by Katie Sloan

Berkeley, Calif. — Valiance Capital has acquired a development site at 2538 Durant Ave. near the University of California, Berkeley, campus. The company plans to replace an existing 12-unit apartment building on the site with an eight-story community offering 270 beds across 83 units. The development is also set to include 5,000 square feet of ground floor retail space. Jeffrey Eliason and Leland Ortega of Highland Realty Capital arranged $10.5 million in acquisition and pre-development funding on behalf of Valiance. Chris Hetzel of ACRES’ Philadelphia office originated the loan. “2538 …

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The-Zone
ArizonaFinanceNews

Gantry Secures $8.5 Million Acquisition Financing for Student Housing Property Near University of Arizona

by Katie Sloan

Tucson, Ariz. — Gantry has secured $8.5 million in acquisition financing for The Zone Apartments, a 104-bed student housing community located near the University of Arizona campus in Tucson. Adam Parker and Chad Metzger of Gantry secured the financing through an undisclosed regional bank on behalf of the borrower, a private real estate investor. The loan features a five-year fixed rate with two years of interest-only payments. The borrower acquired the property through a reverse 1031 exchange. The Zone is master leased to operator Tripalink and offers four-bedroom units with …

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