Hillcrest Acquisitions Acquires Student Housing Near Arkansas State for Multifamily Conversion

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.