Tallahassee, Fla. — Two properties sit in strong market, VP says.
Tallahassee, Fla. — Centerline Capital Group has provided a $2.4 million Fannie Mae DUS facility to refinance two student housing properties near Florida State and FAMU. University Gardens II and Cottages at Magnolia are located within one-quarter mile of each other and offer 216 beds between them.
“There is always competition for student properties near large and established universities,” said Steven Cox, senior vice president of commercial real estate at Centerline. “These properties are often viewed as recession-proof because going to college in this day and age is no longer an option, but a necessity. Lenders are definitely getting back in the market, which could spur some new development, as well as increased sales with rehab.”