- August 16, 2017
- Capital Markets
- 0 Comments
Venue at North Campus, a LEED Gold certified student housing property located next to the University of South Florida in Tampa, FL, has traded hands.
CBRE Capital Markets’ Debt & Structured Finance team has arranged $35 million in permanent financing for the purchase.
Benjamin Roelke of CBRE’s Dallas office arranged the long-term financing on behalf of Horizon Realty Advisors for its newly-formed HRA Opportunity Fund. The financing featured a low fixed interest rate with full-term interest-only payments. Financing was provided through CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program, CBRE Multifamily Capital.
“We continue to see very attractive financing available for quality student housing properties nationwide,” Roelke tells GlobeSt.com. “In this case, those financing terms were further exceeded with a best-in-class, experienced sponsor acquiring a top of the market property.”
Venue at North Campus offers top-of-the-market unit interiors including wood-style or concrete flooring in common areas, a wall-mounted television in each living room and bedroom, and a full furniture package. The clubhouse is home to a gourmet coffee bar and clubroom, as well as private study rooms with Smart TVs. The property offers upgraded hi-speed Wi-Fi. The student housing property also offers residents the ability to walk, bike or bus via the free USF Bull Runner Route that stops directly in front of the property.
In other recent news showing how the financial sector is bullish on this this asset class, a student housing portfolio in Florida won a $37 bridge loan. And Orlando is getting new student housing as part of a $1 billion mixed-use development.