Calidus Lands $25M Refi for 2 Student Communities

Calidus has obtained $25 million for the refinancing of two student communities: Gamecock Village in Jacksonville, Ala., and Mustang Village in Wichita Falls, Texas. Deutsche Bank CMBS provided the loan, while JLL Capital Markets represented the borrower.

The note replaces a $38.8 million CMBS loan originated by Ladder Capital Finance LLC in December 2013 that expired earlier this year, public records show. Those proceeds were used to acquire four student communities totaling 2,016 beds and serving Arkansas State University, Wichita State University, Midwestern State University, and Jacksonville State University.

The JLL Capital Markets Debt Advisory team included Senior Director Dan Kearns, Closer Patricia Heminger and Analysts Dave Hunter and Katia Novi. Last year, Kearns, Heminger and Novi were part of the group that secured the financing for Eastman Residential’s acquisition of Bellamy Coastal, a 480-bed student community in Conway, S.C.

The two communities, up close

Each community encompasses 192 units and 504 beds. Two- and three-bedroom layouts are available, with bed-to-bath parity, walk-in closets and in-unit washers and dryers. Common-area amenities consist of a fitness center, a game room lounge, a study room, sand volleyball and basketball courts and a swimming pool, along with picnic areas.

The 2008-completed Mustang Village comprises 11 buildings. The community is at 5005 Lake Park Drive, less than a mile from the Midwestern State University campus and close to a Walmart Supercenter. Kickapoo Downtown Airport is 2.3 miles northeast.

Gamecock Village came online during the same year and was completely renovated in 2018. The 11-building property is located at 351 Nisbet St. N.W., half a mile from the Jacksonville State University campus. A host of dining options are within walking distance, while the Pelham Plaza shopping center is 1 mile away.