Location Ventures Secures Loan for Florida Student Housing
- Jul 22, 2019
Hunt Real Estate Capital has secured a $9.4 million Fannie Mae loan for Orduna Court, a 24-unit student housing community in Coral Gables, Fla. The company arranged the 10-year term with five years of interest only on behalf of the borrower, Location Ventures.
Located at 800 S. Dixie Highway, the community provides convenient access to the University of Miami, Miracle Mile, Coconut Grove, downtown and south Miami. Built in 1982, the owner renovated and modernized the 25,000-square-foot building to enhance the co-living experience, said Mitash Kripalani, vice president of Colliers International South Florida in an interview with Multi-Housing News.
The owner paid $2.1 million to convert the property from condominium to student housing units, according to Hunt. Renovations include the addition of quartz countertops, stainless steel appliances, wood-style floors and high-tech security system. Additionally, hurricane windows and doors, new landscaping, new irrigation system, new access gate and new tiling were added to the property.
The four-story building features a mix of two- and three-bedroom units with common-area amenities including a swimming pool, controlled entry and covered parking. Orduna Court was 91 percent pre-leased prior to the 2019-2020 school year.