HFF Secures $21 Million for Charleston Student Housing Property

by Scott Reid

Charleston, S.C. — HFF has secured $21 million in financing for Campus Center Apartments, a 194-unit, 419-bed student housing property serving the College of Charleston (COC) in Charleston, South Carolina. HFF worked on behalf of Harrison Street Real Estate Capital to place the 10-year, fixed-rate loan with Prudential Mortgage Capital Company.

Completed in 2013, Campus Center Apartments is 100 percent occupied. The property includes a 17,764-square-foot fitness center featuring state-of-the-art equipment and group fitness classes that is leased to the COC. The property is located adjacent to campus at 50 George Street. The Charleston Post and Courier reported that HSRE bought the property for $69 million from McAlister Developemnt Co. in August. The newspaper also reported that it was possibly the largest commercial real estate transaction in Charleston to date.

The HFF team representing the borrower was led by managing directors Timothy Joyce and Stephen Skok.

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