TODAY’S DEALS: Campus Crest Starts $82.5M of New Projects
Campus Crest announces three projects; Grandbridge Real Estate Capital provides a $24 million first mortgage loan; and Essex Realty Group brokers the sale of a four-unit mixed-use property for $1.5 million.
Charlotte, N.C.—Student housing REIT Campus Crest Communities has formally announced the start of three new projects that are expected to be delivered for the 2013/2014 academic year. The total estimated cost for the projects, located in Colorado, Indiana, and Oklahoma, is $82.5 million.
The Grove at Ft. Collins (Colorado State University, 612 beds) and The Grove at Muncie, Ind., (Ball State University, 584 beds) will be wholly owned by the company. The Grove at Norman, Okla., (University of Oklahoma, 600 beds) is being developed in a joint venture with Harrison Street Real Estate. Campus Crest will own a 20 percent interest in that project.
“These are the first three projects of this year’s development pipeline,” says Ted Rollins, co-chairman and chief executive officer of Campus Crest Communities. “They are located an average of approximately 0.2 miles from campus and represent our ninth generation project prototype, which among other things has a higher average bed count than the existing portfolio, our newest high speed internet configurations and various other improvements designed to make college living at a Grove property an unparalleled experience.”
Campus Crest and Harrison Street closed on a total of $52.1 million of construction financings at an average spread of 238 basis points over LIBOR for the three newly announced projects. The company plans to finance its share of the remaining construction costs through its revolving credit facility.
Grandbridge Lands $24M for Alabama Asset
The Arlington at Eastern Shore
Spanish Fort, Ala.—Grandbridge Real Estate Capital has originated and closed a $24 million first mortgage loan secured by The Arlington at Eastern Shore Apartments, a 300-unit luxury community located in Spanish Fort, Ala. The 10-year permanent, fixed-rate Fannie Mae DUS loan was closed with an interest rate under four percent and 30-year amortization.
“Built in 2009, the 24-building property is the only Big House apartment community in Alabama,” says Steve Clikas, the assistant vice president at Grandbridge who originated the loan. “The Big House design concept, created by Humphreys & Partners Architects, has been very well received nationwide.”
Property amenities at the community include a clubhouse with WiFi, a fitness center, coffee bar and indoor basketball court. There is also a swimming pool with a sun deck.
Grandbridge currently has a servicing portfolio of $26 billion and represents approximately 100 capital providers.
Essex Realty Group brokers sale of 4-unit mixed-use asset for $1.5M
Chicago—Essex Realty Group Inc. announced the sale of 1459 W. Taylor, a five unit mixed-use property, anchored by a Potbelly Sandwich Works and located in the heart of Little Italy. There are four apartments at 1459 W. Taylor, with the following unit mix: One 2,172-sq. ft. storefront, two two-bed/one-bath apartments, two three-bed/one-bath apartments and two tandem outdoor parking spaces.
Jim Darrow and Jordan Gottlieb of Essex represented the sellers and Doug Imber and Kate Varde represented the buyers in the transaction. The price was approximately $1.5 million.
