WINSTON-SALEM, N.C. — Hunt Real Estate Capital has provided an $18.8 million loan for the refinancing of Villages at Wake Forest, a student housing community near Wake Forest University in Winston-Salem. Hunt originated the 10-year loan through Fannie Mae with three years of interest-only payments followed by a seven-year amortization schedule.
The borrower, Wake Forest Student Housing Associates LLC, purchased the asset in April 2018 and in January 2019 constructed an additional 20 bedrooms. Villages at Wake Forest now features 270 beds within 69 units, each with three or four bedrooms set within cottage-style buildings.
Community amenities include a pond, outdoor lounge area and a fire pit. Wake Forest University has a three-year live-on campus requirement, but students who study abroad during the fall semester can petition the school to allow them to live off-campus, which many Village at Wake Forest’s residents take part in.