Hopkins Holding Acquires GA Student Housing
Capital One provided a $19.3 million Fannie Mae loan for the firm's purchase of The Blake, a 270-bed community in Savannah.
The Blake, Savannah, Ga.
Hopkins Holding has acquired The Blake, a Class A student housing community in Savannah, Ga., from a joint venture including Campus Works, Kaplan Residential and the McKinney Fund & Co. Capital One provided a $19.3 million Fannie Mae acquisition loan to the firm, offering an adjustable rate with a 10-year term inclusive of four years of interest-only payments, followed by a 30-year amortization schedule.
The loan structure allowed Hopkins to meet its return hurdles while allowing for prepayment flexibility. Tim Smits, vice president of Capital One Multifamily Finance’s Boston office, originated the transaction on behalf of the buyer.
“Our team at Capital One is increasingly busy working with student housing investors such as Hopkins Holding and we’re able to offer these clients a wide range of options,” Smits told Multi-Housing News. “The agencies have terrific solutions, and in this case a Fannie execution worked best, but we also have our balance sheet available as well. In the end, we helped Hopkins Holding select an option that fit best for their acquisition of this asset.”
The Blake Features
The Blake is situated at 540 Selma St. and stands five stories tall. The community offers 270 beds across one- through five-bedroom floorplans, ranging from 597 square feet to 2,003 square feet. Interior features for the fully furnished apartments include vinyl plank flooring in common areas, granite countertops, black appliances, nine- to 10-foot ceilings, 42-inch cabinets, ceiling fans, private bathrooms, walk-in closets, balconies, washer/dryers and designer lighting and fixtures. Resident have access to amenities such as:
- 2,000-square-foot clubhouse
- covered outdoor patio
- 5,000-square-foot pool terrace
- luxury lounge and cabanas
- Wi-Fi throughout
- resort-style pool
- gated parking
- club level fitness center
- first level reception lobby
- cycle center and bike storage
- computer lounge/cyber cafe
- tanning beds
- studio space
- student lounges
The community opened in 2016 and is situated less than a half mile from the Savannah College of Art and Design.
Image courtesy of Capital One
