REBusinessOnline

Ready Capital Provides $11.9M Acquisition Financing for Student Housing Portfolio in Illinois

CHAMPAIGN URBANA AND NORMAL, ILL. — Ready Capital has provided an $11.9 million loan for the acquisition and renovation of a 79-unit, 276-bed student housing portfolio at the University of Illinois at Urbana-Champaign and Illinois State University. The borrower plans to extensively renovate the unit interiors. The nonrecourse, fixed-rate loan features a three-year

Annex Group to Develop 324-Bed Student Housing Community Near Louisiana Tech University

RUSTON, LA. — The Annex Group is set to break ground on The Annex of Ruston, a 324-bed student housing community located near the Louisiana Tech University campus in Ruston. The development will be situated at 509 W. Line Ave. and will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a swimming pool, exercise room, study lounges and secured parking. KeyBank Real Estate Capital provided development financing for the project, which was designed in …

Joint Venture Acquires Two Student Housing Communities Totaling 1,016 Beds in Texas

AUSTIN AND LUBBOCK, TEXAS — A joint venture between TEXLA Housing Partners, Southeast Apartment Investors and a private real estate fund advised by Crow Holdings Capital has acquired two student housing communities in Texas. The joint venture acquired Thrive Lubbock, a 744-bed community located near Texas Tech University in Lubbock; and 21 Pearl, a 272-bed community located near the University of Texas at Austin. An affiliate of TEXLA will operate the communities, both of which will …

Hunt Real Estate Provides $17.9M Refinance Loan for Student Housing Portfolio Near University of Alabama

TUSCALOOSA, ALA. — Hunt Real Estate Capital has provided a $17.9 million loan to refinance a 12-building student housing portfolio in Tuscaloosa, home of the University of Alabama. The properties include the seven-building Preston Place (240 beds) and the one-building Alexandria (22 beds), Georgian (20 beds), St. Charles (48 beds), St. George (24 beds) and 317 Reed (eight beds). The Freddie Mac loan has a 10-year term with five years of interest-only payments and a 30-year amortization …

Public-Private Partnership Closes on Financing for 2,100-Bed Student Housing Development at Appalachian State University

BOONE, N.C. — A public-private partnership between RISE: A Real Estate Co., Beyond Owners Group and Appalachian State University has closed on financing for the development of a 2,100-bed community on the university’s campus in Boone. The three-phase development will include the demolition and replacement of six existing residence halls totaling 1,800 beds, as well as the addition of 300 new beds and a 477-space parking deck. The communities will offer a mix of unit types ranging from …

HFF Brokers $92.5 Million Sale of 942-Bed Student Housing Community Near San Diego State

SAN DIEGO, CALIF. — HFF has arranged the $92.5 million sale of Fifty Twenty-Five, a 942-bed student housing community located near San Diego State University. Sean Deasy, Hunter Combs and Scott Clifton of HFF represented the seller, FPA Multifamily, and procured the buyer, Denver-based Cardinal Group Investments. Completed in 2010, the LEED-Gold certified property offers a mix of studio, two- and four-bedroom units. Shared amenities include a resort-style swimming pool, 24-hour fitness …

Joe Stepchuk’s GSE Background Helps Greystone Boost Student Housing Lending Volume

The student housing sector continues to benefit from strong investor and consumer demand. Total annual deliveries nationally have averaged approximately 47,000 beds this cycle, according to data research firm RealPage. Proximity to campus is a major differentiator in student housing, as properties closer to campus historically have greater pre-leasing velocity and higher rents. Industry experts say that despite the current wave of construction, most college students live in dormitories or …

Nelson Partners Acquires Student Housing Property Near UT Austin for $100M

AUSTIN, TEXAS — California-based investment firm Nelson Partners has acquired Skyloft, a student housing property located one block from the University of Texas (UT) at Austin, for $100 million. The newly built, 18-story community features 674 beds. Amenities include a rooftop pool, fitness center, marketplace, study lounges and full-meal vending machines. The property was 100 percent occupied at the time of sale and is 77 percent preleased for the 2019-2020 academic year. …

Berkadia Provides $48.6M Freddie Mac Loan for Refinancing of Lubbock Apartments

LUBBOCK, TEXAS — Berkadia has provided a $48.6 million Freddie Mac loan for the refinancing of Capstone Cottages of Lubbock, a 969-bed student housing community in the West Texas city of Lubbock. Built in 2017. The property features 216 units in one-, two-, three-, four- and five-bedroom configurations. Amenities include a pool, business center, resident clubhouse, conference room and outdoor grilling and picnic area. Charles Foschini, Mitch Sinberg, Christoper Apone, Lourdes …

CIM Group Sells 24-Story Tower in Manhattan

NEW YORK CITY — CIM Group has sold Gilman Hall Tower, a 24-story, 146,000-square-foot building in Manhattan. The sales price was undisclosed. Located at the corner of First Avenue and East 17th Street, the building was one of three properties that CIM acquired from Mount Sinai Beth Israel Hospital in March 2017. The building, which was built in 1969, was previously used to house medical residents of Mount Sinai Beth

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