HFF Secures $135M Loan for 6 Student Housing Assets
- Feb 27, 2019
HFF has secured a $134.7 million Sharia-compliant equity and debt loan for a six-property student housing portfolio totaling 2,059 beds in Alabama, Florida, Michigan, New York, Pennsylvania and Texas. The company worked on behalf of a joint venture between Vie Management and a Middle Eastern asset manager. HFF also arranged a $75.4 million 10-year, interest-only loan.
The properties in the portfolio include:
- University Downs Apartments and Condos, a 222-unit community in Tuscaloosa, Ala. The property serves students attending the University of Alabama.
- University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Fla.
- Hillcrest Oakwood Apartments, at 1101 Fuller Ave. in Big Rapids, Mich., features 224 units serving Ferris State University.
- Located at 1 Durham Drive, in Amherst, N.Y., Colonie Apartments includes 184 units serving the University at Buffalo.
- Southgate Apartments, a 151-unit property in State College, Pa. The community serves the Penn State University.
- Ella Lofts, a 75-unit community serving Texas State University in San Marcos, Texas.
Communities include common-area amenities such as a swimming pool, tennis court, volleyball court, fitness center, roommate matching service and laundry facilities. Some properties are pet friendly.
Managing Director Claudio Sgobba together with Managing Director Matthew Schoenfeldt, Director Scott Clifton and Senior Global Capital and Equity Placement Analyst Hank Huang were part of the company’s equity and debt placement team.
“Our objective is to continue to produce technology-rich environments where students can stream and dream, socialize and exercise, all within our best-in-class amenity driven spaces,” Vie CEO Ari Rosenblum, said in a statement. “These acquisitions are new canvases to us, places to create experiential living environments where students can watch live music, study at a coffee shop, or workout at the best gym in town all within the confines of the community in which they live.”
Image via Google Street View