TSB Capital Cinches Timely Loan for GA Student Housing
- Sep 06, 2017
TSB Capital Advisors has arranged financing on behalf of affiliates of Landmark Properties and Goldman Sachs & Co. for The Mark Athens, a recently completed student-oriented community adjacent to the University of Georgia campus in Athens.
Timing of the non-recourse loan benefited the property’s sponsorship. “The financing was unique in that it closed at construction completion but before students or commercial tenants moved in for the fall semester, allowing the borrower to replace construction and mezzanine financing with attractive non-recourse, floating-rate financing,” explained TSB’s Timothy Bradley in a statement.
Located at 275 Oconee St., the property is near a variety of attractions, such as North Oconee River Park West, Latin American Ethnobotanical Garden, Sanford Stadium and Georgia Theatre.
Student living, corporate HQ
The Mark Athens features 928 beds in units ranging from studios to five-bedroom units and averaging 1,250 square feet in size. Common-area amenities include two-tiered infinity edge pools, outdoor grilling and fire pit, fitness center, rooftop clubroom, basketball court, racquetball court, computer lab and study lounge with private group study rooms. Additionally, the property includes some 80,000 square feet of retail and office space and serves as Landmark Properties’ corporate headquarters.