NC Student Housing Secures $42M Refi
Capstone Capital arranged refinancing for a new off-campus facility in Greenville developed by Taft Development and Ward Holdings.
Greenville, N.C.–Taft Development Group and Ward Holdings, have obtained $42 million in refinancing for The Boundary @ West End, a student housing community in Greenville, N.C. The development, which serves students at East Carolina University, includes 550 beds and 11,500 square feet of retail space, as well as on-site parking.
The developers, based in Greenville, completed the project last year before the 2015-16 academic year. The Boundary @ West End is fully occupied, and offers such amenities as a pool, fitness center, game room, bike storage, tanning bed and fire pit. Amazon and Smoothie King are the retail tenants.
The refinancing is in the form of a 10-year, 4.2 percent fixed-rate loan. Terms include two years of interest-only payments followed by a 30-year amortization. The developers took $7.4 million in cash proceeds at closing to fund two new developments.
Capstone Capital oversaw the refinancing, the fifth fixed-rate, non-recourse construction loan that Capstone has arranged for the developers.
Taft Development Group and Ward Holdings are at work on another student housing project that will serve East Carolina University, a public institution with an enrollment of about 28,200. Called Campus-Edge, the 675-bed project is slated for completion in the summer of 2017.