Jonesboro, Ark. — Hillcrest Acquisitions has acquired Wolf Creek, a 192-unit student housing community located at 500 North Caraway Road near the Arkansas State University campus in Jonesboro. The community is set to undergo $4.4 million in renovations and will be converted into conventional multifamily. Marc Tropp of Eastern Union secured $12.05 million in financing through Bay Vanguard on behalf of Hillcrest for the acquisition of the property from an undisclosed seller. The five-year mortgage loan features interest-only payments for 24 months during renovations and lease-up. Once the property is leased up, the mortgage will convert to principal and interest payments based on an amortization period of 25 years. The transaction carries a 65 percent loan-to-cost ratio. Built in 2008, the property offers two- and three-bedroom units on a 13-acre parcel.
Wolf Creek offers 192 units near the Arkansas State University campus in Jonesboro. The property will be converted to conventional multifamily.
Hillcrest Acquisitions Acquires Student Housing Near Arkansas State for Multifamily Conversion
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