Student Housing

Square Mile Capital Provides $55M Refinancing for Student Housing Community in Downtown Chicago

by Kristin Harlow July 18, 2018

CHICAGO — Square Mile Capital Management LLC has provided a $55 million loan for the refinancing of Infinite Chicago, a 404-bed student housing community located in downtown Chicago. Stephen Skok of HFF arranged the financing on behalf of the borrower, CA Student Living, a division of CA Ventures. Loan terms were not disclosed, but the loan was used to repay an existing loan. Infinite Chicago, formerly known as the Gibbons/Steger office buildings, includes a pair of 18- and 19-story towers, originally constructed between 1910 and 1912. CA Student Living acquired the property in 2012 and completed the conversion of the buildings into student housing in 2014. Both Kendall College and School of the Art Institute of Chicago control master leases for a large portion of the beds at Infinite Chicago. The remaining tenant roster includes students from institutions such as DePaul University, Roosevelt University and Columbia College, among others. Shared amenities at the community include a landscaped rooftop with gas grills, fitness center, business center, group study rooms and an entertainment lounge. In addition, Infinite Chicago features 6,000 square feet of ground-floor retail leased to tenants such as Just Salad, 7-Eleven, BIBIBOP Asian Grill and Hero Coffee Bar.

July 18, 2018

Loans Multifamily Oregon Student Housing Western

Cardinal Group Purchases 244-Bed Student Housing Community Near University of Oregon

by Amy Works July 12, 2018

EUGENE, ORE. —Cardinal Group has acquired Arena District, a 244-bed student housing community located near the University of Oregon in Eugene. The property offers two- and four-bedroom units. Shared amenities include a fitness center; hot tub; private study room; study area and internet café; multimedia lounge; clubroom with gaming and pool table; and outdoor courtyard with grilling station. HFF arranged an undisclosed amount of acquisition financing for the transaction. The HFF team, which included Pat Burger, secured the floating-rate loan through Freddie Mac’s CME Program. HFF will also service the securitized loan.

July 12, 2018

Acquisitions Florida Multifamily Southeast Student Housing

Coastal Ridge, H. Katz Capital Acquire Student Housing Community in Fort Myers for $44M

by Camren Skelton July 12, 2018

FORT MYERS, FLA. — Coastal Ridge Real Estate and H. Katz Capital have acquired Coastal Village Apartments, an 800-bed student housing community in Fort Myers, for $44 million. The community is located at 19401 Skidmore Way, less than three miles from Florida Gulf Coast University. Constructed in 2004, Coastal Village Apartments features four-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a lakeside pool, barbecue and picnic areas, clubhouse, fitness center, sand volleyball court and a computer lab. Kevin Larimer, Greg Gonzalez, Jason Stanton and Cole Whitaker of Berkadia arranged the transaction on behalf of the undisclosed seller.

July 12, 2018

Loans Multifamily Northeast Pennsylvania Student Housing

HFF Secures $19.4M in Acquisition Financing for Lehigh University Student Housing Portfolio

by David Cohen July 10, 2018

BETHLEHEM, PA. — HFF has secured $19.4 million in acquisition financing for a student housing portfolio at Lehigh University in Bethlehem. A private investment vehicle managed by Hong Kong-based Beacon Assets acquired the 71-building, 383-bed portfolio. HFF secured the five-year, fixed-rate acquisition loan for the borrower through Natixis. During the last two academic years, the portfolio achieved close to 99 percent occupancy, according to HFF. Lehigh University has an enrollment of more than 7,000.NEWINGTON, CONN. — Colliers International has brokered the sale of 445 and 445A Willard Ave., a 9,760-square-foot office condominium in Newington. Nickerson Properties LLC purchased the property for $2 million. Terri Rockefeller of Colliers International represented the seller, Rotundo Developers LLC, in the transaction. The property is currently 100 percent occupied by a Davita Dialysis Center and Family Adult Day Care, a senior care facility.

July 10, 2018

Loans Midwest Minnesota Multifamily Student Housing

TH Real Estate Provides $83.2M Refinancing for Student Housing Property in Minneapolis

by Kristin Harlow July 6, 2018

MINNEAPOLIS — TH Real Estate has provided an $83.2 million loan for the refinancing of The Marshall near the University of Minnesota in Minneapolis. The Class A student housing community features 994 beds within 316 units. The property was developed in 2004 and was 98.9 percent occupied as of March 31. A joint venture between Schenk Realty Group and EdR owns the property. The fixed-rate loan features a 10-year term.

July 6, 2018

Acquisitions Multifamily Southeast Student Housing Tennessee

NAI Global Brokers Sale of 360-Bed Student Housing Community Near University of Tennessee

by Camren Skelton July 5, 2018

KNOXVILLE, TENN. — NAI Global has arranged the sale of Tower at Morgan Hill, a 360-bed student housing community located roughly two miles from the University of Tennessee in Knoxville. Rick Ross, Alex Waddey, David Ellis and Colin Moore of NAI Global arranged the transaction on behalf of the undisclosed seller. FPA Multifamily acquired the property for an undisclosed price. The Tower at Morgan Hill features one- and two-bedroom, fully furnished apartments. Community amenities include a resident clubhouse, fitness center, computer room, study lounge, business center, pool and an on-site parking garage.

July 5, 2018

Acquisitions Multifamily Student Housing Texas

PAC Purchases 556-Bed Student Housing Community in Lubbock

by Taylor Williams June 28, 2018

LUBBOCK, TEXAS — Atlanta-based REIT Preferred Apartment Communities Inc. (PAC) has purchased The Bloc, a student housing community serving Texas Tech University in Lubbock. The property totals 556 beds across 140 units. Amenities include a rooftop lounge, pool with cabanas, tanning rooms, outdoor grilling areas, fitness center, coffee bar and private study rooms. The seller was not disclosed.

June 28, 2018

Acquisitions Multifamily Student Housing Top Stories

Greystar Agrees to Acquire EdR in $4.6B Merger

by Taylor Williams June 25, 2018

CHARLESTON, S.C. — An affiliate of multifamily development firm Greystar has agreed to acquire student housing developer Education Realty Trust Inc. (NYSE: EDR) in an all-cash transaction that will take the company private. The sales price of $4.6 billion includes existing debt. Under the terms of the agreement, which is expected to close during the second half of the year, EdR’s stockholders will receive $41.50 per share in cash. The price represents a premium of 13.6 percent over the May 31 closing share price, the last day before rumors of the sale were published. According to the company’s annual report, in 2017, Memphis-based EdR owned 70 student housing properties totaling 36,420 beds across 24 states. The company also managed 16 communities totaling 9,832 beds across 10 states. “As a public company, one of our priorities is to maximize stockholder value and we believe this transaction with Greystar accomplishes that goal,” says Randy Churchey, CEO and chairman of EdR. “Since the current EdR management team took over on January 1, 2010 — and including this transaction — EdR stockholders will have received a total stockholder return of 293 percent.” According to Alex Goldfarb, managing director and senior REIT analyst at New York-based Sandler …

June 25, 2018

Features Loans Multifamily Property Type Student Housing

Student Housing Lenders Experiencing a Particularly Busy 2018

by David Cohen June 21, 2018

Lending intermediaries are not seeing any slowdown in the availability of capital for the student housing sector in 2018. Many report that the sector is a favorite and a well-known quantity among lenders, one that they want to count among their specialties. “Historically, student housing was viewed only as a subset of multifamily, but we have seen a distinct departure from that mindset throughout the current cycle,” says Benjamin Roelke, senior vice president, debt and structured finance, CBRE Capital Markets. “Lenders are getting smarter about student housing and are asking the right questions more often than not.” “Our high volume construction lending relationships view student housing as a stand-alone product type and understand that each market should be evaluated on its own merits, but in uncertain times there are macro forces that can alter risk evaluation standards generally, with the effects trickling down to specialized product types,” says Tim Bradley, founder and CEO of TSB Capital Advisors. Student Housing — On Its Own Lenders increasingly view student housing as an attractive stand-alone asset class. Its strong performance during the Great Recession prompted many lenders to closely study and understand the sector, with many growing their lending platforms alongside strong developer …

June 21, 2018

Acquisitions Multifamily Northeast Pennsylvania Student Housing

HFF Brokers $30M Sale of Student Housing Portfolio at Lehigh University

by David Cohen June 19, 2018

BETHLEHEM, PA. — HFF has brokered the $30 million sale of a 71-building, 383-bed student housing portfolio at Lehigh University in Bethlehem. HFF represented the seller, Campus Apartments, in the transaction. A private investment vehicle managed by Hong Kong-based Beacon Assets purchased the property free and clear of existing debt. The portfolio has achieved close to 99 percent occupancy during the last two academic years. Lehigh University has an enrollment of more than 7,000 students.

June 19, 2018

Newer Posts

Older Posts