$45 MILLION LOAN ARRANGED FOR STUDENT HOUSING PROJECT IN MICHIGAN

ANN ARBOR, MICH. — CBRE Capital Markets – Debt & Equity Finance has arranged $45 million in financing for the construction of 601 Forest, a student housing project in Ann Arbor. The financing was arranged on behalf of a partnership between Chicago-bsed Campus Acquisitions and Detroit-based Hughes Development. The project will consist of a 14-story tower offering 601 fully furnished units with gourmet kitchens, flat screen televisions and in-suite washer/dryers. Additionally the building will have a 1,800-square-foot lobby, ground-floor retail space, a fitness center, a cyber cafe, a business center and several study lounges. Jason Brown, James Tramuto and Ryan Reid of CBRE Capital Markets arranged the financing. Harrison Street Real Estate provided the joint venture equity for the partnership.