By Jeffrey Steele
The Austin, Texas, HFF office has arranged $49 million in financing for a 277-unit, 956-bed student housing community next to the University of Minnesota in Minneapolis. Located at 2508 Delaware Street immediately east of the U. of M. campus, Stadium View is a nine-story property offering a mix of studios and one-, two-, three- and four-bedroom units in an assortment of floor plans that average 1,102 square feet.
The fully-furnished apartments offer several finishes and features, including a complete appliance package, stackable full-size washer and dryers, individually keyed bedrooms, wall-to-wall carpeting and extended cable TV package. Among common-area amenities offered at Stadium View are a 24-hour fitness center, 24-hour game room, yoga studio with Fitness on Demand, tanning beds, private study rooms, Wi-Fi throughout the property, 24-hour concierge desk and structured parking.
Working on behalf of University Partners, the borrower, the HFF team secured a 10-year, floating-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF.
Representing the borrower was an HFF debt placement team consisting of senior managing director Doug Opalka and managing director Jules Sherwood, a licensed State of Minnesota real estate broker.