INDIANAPOLIS, IN – Holliday Fenoglio Fowler, L.P. (HFF) announces the $30.359 million recapitalization of River Club Apartments and River Club Townhomes, two student housing communities operated as a single property, which serve the University of Georgia (UGA) in Athens, Georgia. The properties total 366 units and 1,134 beds.
The HFF team worked on behalf of the borrower, an entity managed and controlled by The Scion Group, to secure the seven-year, floating-rate loan through Freddie Mac’s CME Program. The securitized loan replaced existing Fannie Mae financing, and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
River Club Apartments comprises two- to four-bedroom units with private bathrooms, hardwood-style plank flooring and flat panel TVs. The property is situated on 93 forested acres at 1005 Macon Highway along the Oconee River. Located adjacent to the Apartments, River Club Townhomes is a 32-acre, gated property, which offers three- and four-bedroom floorplans within two-story townhome units. Community amenities at both properties include swimming pools; volleyball, tennis and basketball courts; fitness centers; computer labs; car wash stations; private tanning salons; and on-site bus stops with service to UGA. The properties were 100 percent occupied for the 2017 to 2018 school year, and are within three miles of campus.
The HFF debt placement team representing the borrower included senior managing directors David B. Keller and Mark Sixour.
About The Scion Group: Scion is the United States’ largest privately held owner/operator of student housing communities and a leading advisor to colleges and universities across North America. Scion’s current portfolio includes 90 properties comprising 58,800 beds plus management of two university-affiliated communities with an additional 2,600 bedrooms. Scion has focused exclusively on the student housing sector since its inception in 1999 and has invested in over $6 billion of student housing projects.
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.