Joint Venture Receives $65 Million Construction Financing for 604-Bed Community Near the University of Florida

Gainesville, Fla. — A joint venture between 908 Group, Scannell Properties and Atlantic American Partners has received $65 million in construction financing for the development of a 604-bed student housing community near the University of Florida. The project will offer a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities will include ground floor retail space, outdoor courtyards, swimming pools, private study lounges, a clubroom and a state-of-the-art fitness center. The community is scheduled for completion in fall 2022. The property was designed by Humphrey’s & Partners; is being constructed by Arco-Murray Construction; and Asset Living has been tapped to serve as the community’s third-party property manager upon completion. First Merchant’s Bank, First Financial Bank and Old National Bank provided the construction loan for the community. TSB Capital Advisors acted as special advisor in the financing.