South Carolina Student Housing Secures $30M Refi
The loan follows some extensive renovations across the community.
The Rowan, a townhome-style student housing property in Columbia, SC, has been refinanced with a $30 million loan from BridgeInvest.
The property is located at 1051 Southern Dr. in the “Stadium” submarket near the University of South Carolina’s Williams-Brice Stadium, located three miles to the southeast of the University of South Carolina. It spans 24.18 acres and includes 1,002 beds across 350 units, primarily three-story townhomes.
Built between 2007 and 2008 and managed by Asset Living, amenities include a clubhouse, pool, and shuttle service to the University of South Carolina, two miles away.
Refinancing and renovation
The goal is to achieve stabilization over the next two pre-leasing seasons, targeting the 2025-2026 or 2026-2027 academic years.
The Sponsor purchased The Rowan out of REO in 2019 and has since completed significant renovations, including interior updates, enhanced security, and exterior maintenance.
The renovation plans included upgrading all unit interiors, overhauling communal amenities, enhancing security, and deferring exterior maintenance. Amenity upgrades included the addition of a clubhouse, fitness center, business center, game lounge, controlled-access community gating, swimming pool, sundeck, outdoor grills, basketball court, and sand volleyball court.
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Alex Horn, managing partner and founder of BridgeInvest, told Multi-Housing News, “It’s easy to assume that properties close to a stadium command higher rent, but there’s more at play. Proximity might be a draw for some renters—especially students or fans—but factors like the property’s age, interior finishes, available amenities, and security typically weigh more heavily when determining rental pricing.
“Being near the stadium might be a nice perk, but ultimately, these other features drive value for tenants,” Horn told MHN.
Horn said that while uncertainty in the capital markets has increased volatility, decreased liquidity and pushed some lenders to pull back on origination, BridgeInvest continues actively pursuing opportunities to provide borrowers with flexible, cost-efficient financing options.
In May, BridgeInvest was involved in a loan to fund new appliances, HVAC systems, and exterior enhancements such as lighting and landscaping at Park on Voss, an 810-unit garden-style community in Houston’s Westchase submarket.
The owners also plan to repair elevators, sidewalks and roofs. Once the renovations are completed and the property stabilizes, Tara Capital intends to refinance the BridgeInvest loan with permanent debt as a long-term investment strategy.
