Vylla Title Closes $390M Refi for Student Housing Portfolio
CBRE assisted in securing the loans for three properties in the Southwest.
Vylla Title lined up a simultaneous single-close on the refinancing of three student housing developments in the southwestern U.S. With the help of CBRE, the company was able to close on a $389.8 million refinancing of a portfolio that includes mixed-use student housing communities in Arizona, Nevada and Texas.
James DiGregory, vice president of commercial title at Vylla, worked with CBRE’s David Meese to close on the complicated refinancing that included several parties across the country. Meese said in prepared remarks that CBRE has worked in the past few years with Vylla Title to close large and complicated commercial loans, especially because of the company’s streamlined closing process.
Vylla Title uses advanced technologies like robotic process automation and machine learning to get decreased turn-times and increased data accuracy. The company’s centralized operations also allows its clients to benefit from personalized service, no matter the state they or their transaction is located in. Vylla Title, which is part of its parent company The Carrington Cos., is currently located in 41 states.
Tom Huddleston, executive vice president & head of Vylla Title, said in prepared remarks that the company closes an average of 8,000 residential and commercial transactions per month across the U.S.
STUDENT HOUSING SHOWS SERIOUS RESILIENCY
After its showing of resiliency, the student housing sector is expected to continue attracting more capital, according to many experts. Fred Pierce, president & CEO of Pierce Education Properties, said in an interview with Multi-Housing News that capital flowed into the student housing sector at historic levels in 2021. He added that investor interest is peaking again with student housing since it’s an asset that does well during economic growth periods, but also during recessions and downturns.
On the development side, companies are teaming up and forming joint ventures to build more student housing properties due to the better-performing nature of these assets. Earlier this month, CapitaLand Investment Limited and The Ascott Limited formed a $150 million joint venture to develop student housing properties across the U.S.