Berkadia Arranges $23M Refi for Florida Student Housing
- Sep 15, 2020
Berkadia has secured $23 million in refinancing for CollegeTown II, a student housing development in downtown Tallahassee, Fla. Managing Director Brad Williamson arranged the financing on behalf of Seminole Boosters, the fundraising arm of Florida State University Athletics. Ameris Bank provided the 10-year, fixed-rate loan, with a 3.66 percent interest rate.
Last month, Williamson secured a $29.1 million Freddie Mac loan for a 300-unit workforce housing community in Norcross, Ga.
Built in 2016, CollegeTown II comprises 198 beds and 23,117 square feet of retail. The asset also has 598 parking spaces. Retail tenants at the property include Township, 51 on Madison, Tin Lizzy, Little Masa and Sunstop. Berkadia also sourced the construction loan for the asset, in 2015.
Located at 805 W. Madison St., the five-building community is within walking distance of Florida State University. The surrounding area has several retail and dining options, including University Village Shopping Center, which is 2 miles from CollegeTown II. The asset is also 1 mile from Florida A&M University and 5 miles from Tallahassee International Airport.