Berkadia Closes $26.8M Sale, Financing for Student Housing Community

Hallmark Campus Communities sold the newly constructed student housing community near the University of Notre Dame to Horizon Realty Advisors.

South Bend, Ind.Berkadia recently announced the sale and financing worth $26.8 million for University Edge, a 528-bed student housing community located near University of Notre Dame.

University Edge
University Edge

Managing Director Kevin Larimer, who heads Berkadia’s student housing division, represented the seller, Columbus-based Hallmark Campus Communities. Managing Director Jeff Stuart of the Seattle office secured the 10-year, fixed-rate loan with seven years of interest-only payments through Fannie Mae for borrower Horizon Realty Advisors.

Located at 130 South Dixie Way in South Bend, University Edge features one-, two-, three- and four-bedroom units with sizes ranging between 548 and 1,537 square feet. Residential amenities include walk-in closets, complementary internet and cable, cyber café, outdoor grilling area, 24-hour fitness center, game room and resort-style swimming pool.

University Edge was built in phases, with final completion in 2015. It was 98 percent occupied at the time the loan was secured.

“As a seasoned owner and operator of dedicated student housing properties, Horizon Realty Advisors was excited to purchase the property due to its optimal location and walking distance to both the University of Notre Dame and Saint Mary’s College,” said Stuart in prepared remarks.

Image courtesy of University Edge