CBRE Secures $18.5M Loan for Five-Property Student Housing Portfolio in Santa Barbara
SANTA BARBARA, CALIF. — CBRE has arranged an $18.5 million loan for The Hive Isla Vista, a five-property student housing portfolio near the campus of University of California, Santa Barbara.
Brad Wilmot of CBRE’s Los Angeles office secured the floating-rate loan with a three-year initial term on behalf of the borrower, Los Angeles-based M&A Real Estate Partners. The planned use of the funds was not disclosed.
The portfolio totals 35,868 square feet and is comprised of five student housing properties, all within walking distance of the campus. Community amenities include fitness centers, gated access and swimming pools.