AUSTIN, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces $49 million in financing for Stadium View, a 277-unit/956-bed student housing property located adjacent to The University of Minnesota in Minneapolis.
The HFF team worked on behalf of the borrower, University Partners, to secure the 10-year, floating-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Stadium View is located at 2508 Delaware Street immediately east of campus. The nine-story property offers a mix of studio, one-, two-, three- and four-bedroom units in a variety of configurations averaging 1,102 square feet. Units are fully furnished and interior amenities include a complete appliance package, stackable full-size washer and dryers, individually keyed bedrooms, wall-to-wall carpeting and an extended cable TV package. Community amenities include a 24-hour concierge desk, Wi-Fi throughout the property, private study rooms, tanning beds, a 24-hour game room, yoga studio with Fitness On Demand, 24-hour state-of-the-art fitness center and structured parking. Stadium View is 100 percent occupied for the 2017/2018 school year.
The HFF debt placement team representing the borrower included senior managing director Doug Opalka and managing director Jules Sherwood, a licensed real estate broker in the state of Minnesota.
About University Partners
University Partners is a vertically integrated partnership between its senior management team and a global investment firm with over $130 billion in assets under management. With more than 15 years of experience in acquiring, developing and managing student housing communities, the core team at University Partners has a variety of skills to provide the best in service and sustainability. The combination of its substantial balance sheet and strong track record uniquely positions University Partners to deploy a significant amount of capital in the student housing space while delivering outsized returns. For more information, visit universitypartners.com
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.