KeyBank Arranges $248M for LA Student Housing
G.H. Palmer Associates' Lorenzo serves students attending the University of Southern California, Loyola Law School and the Fashion Institute of Design and Merchandising and is currently 95 percent leased.
After arranging a $37.5 million Freddie Mac loan for a two-property student housing portfolio, KeyBank Real Estate Capital has originated a $247.8 million Freddie Mac first mortgage loan for The Lorenzo, a Class A student housing community in Los Angeles. The property serves students attending the University of Southern California, Loyola Law School and the Fashion Institute of Design and Merchandising.
Located at 325 W. Adams Blvd., the 913-unit Lorenzo was constructed in 2015 and is currently 95 percent leased to students, with the remaining units set aside for tenants earning 50 percent of the area median income. Owned and managed by G.H. Palmer Associates, the community offers three floorplans: Michaelangelo, Da Vinci and Botticelli, ranging from two to six beds across 647 to 1,331 square feet.
Vast Amenities Offerings
Apartments come fully furnished with interior features such as a 46-inch HD LED flat screen DVR television in each living room, free Wi-Fi and cable, brushed nickel hardware, granite countertops, open kitchens with stainless steel appliances, tiled kitchens and bathrooms, wood-plank flooring, private balconies, nine-foot ceilings and full-sized washer/dryers. Residents have access to community amenities such as a grass playing field, interactive fountain, indoor basketball court, four resort-style pools, outdoor cabanas, five rooftop sundecks, sand volleyball court, outdoor amphitheater/concert area, fully amenitized virtual gaming/video arcade room and 100 stadium seating movie theater. Additional amenities include:
- grand piano and music room
- karaoke room
- 100 seat outdoor social lounge
- fire pits
- outdoor grilling and picnic area
- computer stations
- community lounges
- fitness club
- running track
- spas with sauna and massaging tables
- four libraries
- 16-seat conference center
- free shuttle to campus or downtown
- ground-level retail
- central kitchen
- on-site medical clinic
Robert Prouty of KeyBank’s Commercial Mortgage Group arranged the fixed-rate loan with a seven-year interest only term. The loan was used to refinance existing debt.
Image courtesy of KeyBank Real Estate Capital