FAU Student Housing Community Receives Construction Financing
- Mar 11, 2014
Boca Raton, Fla.—A partnership between Rosemurgy Properties, Giles Capital Group and Lewis Rental Pro has received construction financing for University Park, a to-be-built, 159-unit, 599-bed student housing community in Boca Raton, Fla.
HFF arranged the financing on behalf of the joint venture.
The student-housing complex is being built on 11 acres at 135 N.W. 20th St., less than three miles from Florida Atlantic University’s main campus on Glades Road. It’s the first off-campus Boca housing project built specifically for students.
This 279,097 square-foot off-campus community will feature eight, four-story buildings. When completed in spring of 2015, University Park will feature two-, three-, and four-bedroom layouts each offering students their own bedroom, bathroom and closet. Units will include a washer and dryer, flat screen TV’s, common living room, eat-in kitchen and covered balcony.
University Park will offer extensive amenities including a state-of-the-art 13,500-square-foot, two-story clubhouse with student lounge and juice bar, 24-hour fitness facilities with a cross fit room and yoga studio, tanning beds, hi-tech video gaming rooms, computer labs, study and conference rooms, and vending areas with student supplies and snacks.
Outdoor amenities include a resort-style pool area with green space for lounging, covered barbecue grills, fire pits, and study hammocks. The community will have 1GB Internet speed and wireless internet throughout the property, secured indoor bicycle storage, valet waste pick-up, on-site property management, and limited access gated entrance.
Additionally, free transportation will be provided in the form of a private shuttle bus that will transport residents to and from Florida Atlantic University and Palm Beach State College in Boca Raton.
HFF worked exclusively on behalf of the borrower to secure the three-year loan through Mutual of Omaha Bank. The HFF team was led by directors Elliott Throne and Adam Herrin and senior real estate analyst Scott Wadler.