WFI Lands $38M Refi for Alabama Student Housing Community
Seven Hills Realty Trust arranged the financing for the 501-bed property.
WFI, a Boston-based boutique investment firm, has secured a $37.5 million bridge loan for The Union at Auburn, a 501-bed student housing community in Auburn, Ala. Seven Hills Realty Trust, a mortgage REIT managed by Tremont Realty Capital provided the 30-month financing, with a 12-month extension option.
Completed in 2020, the Class A property comprises 140 units with a mix of two- to six-bedroom floorplans, varying from 797 to 2,213 square feet, equipped with stainless steel appliances, granite countertops and in-unit laundry facilities. Amenities include a two-story fitness center, clubhouse, swimming pool, business center, study rooms, dog park and outdoor kitchen. Campus Life & Style manages the property.
Located at 900 W. Glenn Ave., the community is some 1.5 miles north of the Auburn University campus and Jordan-Hare Stadium. Auburn city center, as well as several dining, entertainment and retail options, are within a mile of the property.
Currently, 26 properties totaling almost 13,640 bedrooms are serving the students at Auburn University, Yardi Matrix data shows. Construction is underway for one project, which will add some 522 rooms to the inventory, according to the same data provider.
In the current lending environment, Seven Hills Realty Trust remains focused on opportunities that offer attractive risk-adjusted returns, Tom Lorenzini, president of SEVN, said in prepared remarks. Last year, the company closed a $37.3 million floating-rate acquisition loan for Aspen Heights, a 958-bed student housing property in Starkville, Miss., on behalf of Centurion Property Group.