HFF Arranges $230 Million In Refinancing For Student Housing Portfolio

by Katie Sloan

Austin, Texas — Morgan Stanley Mortgage Capital Holdings Inc. provided the securitized loans, each of which includes five years of interest-only payments. HFF will service the loans.

Aspen Heights at Oklahoma State.Austin, Texas  — HFF has arranged $230 million in financing for a six-property student housing portfolio totaling 1,496 units in six states. The funds, secured through six separate loans for borrower Aspen Heights, will be used to refinance the original construction debt on the properties.

The portfolio includes a 184-unit, 598-bed property at the University of Clemson in Clemson, S.C..; a 318-unit, 972-bed property at the University of Missouri in Columbia, Mo.; a 180-unit, 600-bed property at James Madison University in Harrisburg, Va.; a 244-unit, 750-bed property at Middle Tennessee State in Murfreesboro, Tenn.; a 339-unit, 1087-bed property at Georgia Southern University in Statesboro, Ga.; and a 231-unit, 792-bed property at Oklahoma State University in Stillwater, Okla.

The properties, all operated under the Aspen Heights name and branding, are 95 percent leased for the spring 2014 semester. Each complex features a 24-hour fitness center, swimming pool, computer lab, full volleyball court and movie theater.

Aspen Heights is a student housing developer and manager based in Austin, Texas with a total portfolio of 19 student housing properties. The company focuses on building American Craftsman-style residences with the communal amenities of an apartment community.

Doug Opalka, John Chun and Casey Wenzel of HFF represented the borrower in the negotiations. The capital markets services provider operates out of 22 offices nationwide.

— John McCurdy

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