Tampa, Fla.—Lee Weaver, senior vice president/senior director, and Bill Hardman, vice president of NorthMarq Capital’s Florida-based offices, arranged financing for NorthView Student Housing, on the University of Central Florida campus.
The seven-story, 340,271-sq.-ft. property, located in Oviedo, Fla., contains 600 beds within 180 units and 782 total parking spaces (696 in a controlled access garage). Financing for the $58 million transaction is based on a 15-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through a tax-exempt private placement bond structure.
The development also includes 40,000 sq.ft. of faith-based commercial space. Half of the space will be occupied by the Hillel Foundation for Jewish Campus Life and the other half by the Newman Catholic Student Center. Both organizations are the largest of their kind in the county and will serve the nearly 6,000 Jewish students and 13,000 Catholic students that make the UCF campus one of the largest Jewish and Catholic student bodies in the country.
“Student centers are key components of the organizations providing dedicated space for students to gather, socialize and study with like-minded Jewish and Catholic students,” says Weaver.
Other unique aspects of the property include:
- The donation of the site for the improvements by a Florida philanthropist, as well as the transfer of the fee-simple title of the land through a charitable gift.
- The property benefits from a 60-year ground lease, after which the improvements will revert to the UCF Foundation and Hillel Foundation for Jewish Campus Life.
- Bifurcated ownership structure.
- Real estate tax exemption due to non-profit ownership.
- The property is managed by the experienced UCF Housing System and is incorporated into their inventory.
With so many factors to take into consideration, finding the proper lending source “required a remarkable amount of time and resources,” says Weaver, who gives credit to the efforts put forth by his counterpart, Bill Hardman. “Many traditional lending sources simply weren’t able to accommodate the complexities of the deal.”
Common amenities include: two courtyards for social events and gatherings; secure parking; high-speed video game room; 24-hour fitness center; resort style pool with water volleyball; lap swimming area and Swedish sauna; sky deck with tiki-hut; outdoor sand volleyball; life-sized chess board; computer lab; café; convenience store; high-speed wireless Internet through-out the building; community centers; and a Cabana room.
Unit amenities include: fully furnished apartments with custom furniture; hardwood-style flooring in living areas and carpeted bedrooms; 9-foot ceilings in living areas; beautifully decorated rooms with a 60’ flat screen TV; full-sized kitchen with granite countertops; side-by-side refrigerator; customized beds with drawers and shelving; individual walk-in closets; bathrooms with granite countertops and walk-in showers; unit keycard entry; and extended cable.
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“This deal shows how banks are willing to lend to well-capitalized developers building projects in great locations,” says Patricio Ureta, CEO of ALTA Developers. “This loan speaks very highly of our development given the fact that lenders continue to be cautious in their lending practices.”
Le Parc is one of the many residential developments the ALTA-Strategic team has underway in Miami—the group is partnering with Greystone to develop two Miami residential properties, including a multifamily property in Coral Gables called The Mile, and a mixed-use project located at 2500 Biscayne Boulevard in Edgewater. The development team is also teaming up with Related Group to develop a new luxury condo called One Paraiso in Edgewater.
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“We are very pleased to have facilitated this transaction on behalf of the seller,” says Simon Butler, executive vice president/partner at CBRE/NE. “The Brickview Portfolio represents a fantastic urban infill apartment portfolio with a true value-add story, as well as a successful investment for our client.”