FL Student Housing Assets Secure $39M in Financing
- May 30, 2019
Värde Partners has provided a $38.8 million in financing for two student housing communities totaling 1,356 beds in Gainesville, Fla. Park Partners Residential—a joint venture between Rosemurgy Properties and Giles Capital—borrowed $27.3 million for The Niche, a 252-unit community and an $11.5 million loan for The Nook, a 120-unit property.
Located at 4000 SW 37th Blvd., The Niche features a mix of three- and four-bedroom units averaging 1,333 square feet. The community last traded in 2017 when Rosemurgy Properties acquired the asset in a $35.4 million portfolio sale together with Gateway at Glades Apartments. Common-area amenities include a 24-hour fitness center, resident lounge with private study labs and computer stations, swimming pool, outdoor grilling, dog park, beach area with hammock stations and basketball court.
Built in 2000, The Nook includes a mix of three- and four-bedroom units ranging from 850 to 950 square feet. Situated on approximately 8.8-acres, the 10 three-story buildings offer common-area amenities such as a 24-hour computer lab, fitness center, billiards room, swimming pool, fire pit, outdoor deck with grilling stations and basketball court.
Both student housing communities serve students attending the University of Florida and provide convenient access to Santa Fe Community College, Butler Plaza and Celebration Pointe. The properties recently underwent major renovations. HFF’s Elliott Throne and Jesse Wright represented the borrower.