CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces $72 million in acquisition financing for a four-property, 860-unit/2,282-bed student housing portfolio located in Washington, Texas, Tennessee and Georgia.
The HFF team worked exclusively on behalf of the borrower, a joint venture between Campus Realty Advisors and T2 Capital Management, to place the floating-rate loan with Hunt Mortgage Group. Loan proceeds were used to fund the acquisition as well as future improvements to the properties.
The assets in the portfolio are: The Verge Ellensburg, a 192-unit/504-bed property located at 2420 Airport Road serving Central Washington University in Ellensburg, Washington; The Verge Nacogdoches, a 260-unit/682-bed property located at 1602 Cardinal Street serving Stephen F. Austin University in Nacogdoches, Texas; The Verge Clarksville, a 208-unit/560-bed property located at 1523 Nolen Road serving Austin Peay State University in Clarksville, Tennessee; and The Grove Statesboro, a 200-unit/536-bed property located at 1150 Brampton Avenue serving Georgia Southern University in Statesboro, Georgia. The portfolio features luxury finishes, fully furnished units and extensive property amenities, including sand volleyball and basketball courts, resort-style pools, clubhouses and tanning beds.
The HFF debt placement team representing the borrower included managing directors Christopher Carroll and Stephen Skok.
About Campus Realty Advisors: Campus Realty Advisors is an entrepreneurial real estate investment advisory firm focusing on the acquisition, development and asset management of private student housing near university campuses. The principals have over 60 years of combined real estate experience and have worked together on student housing opportunities since 2002. CRA follows a dual strategy, including the purchase of existing student housing communities with value creation through property upgrades and market repositioning, and selective development of uniquely located and positioned student housing. Campus Realty works closely with institutional and fund investors, high-net-worth investors, universities and foundations to provide quality living environments for students throughout the United States.
About T2 Capital Management: T2 is an opportunistic, privately held real estate investment firm based in Chicago. Since its founding in 2011, T2 has deployed approximately $500 million and participated in more than $1 billion across the entire capital stack and among virtually all property types. The firm has created a niche in swiftly executing investments of $1 to $15 million on properties that require a total capitalization of $2 to $40 million. Each investment is designed to serve as a customized capital solution that is tailored to meet specific objectives and lead to a mutually desirable outcome among T2 and its counter-parties. As the manager of multiple discretionary funds, T2 is actively pursuing unique, value-add opportunities as lender as well as owner.
About Hunt Real Estate Capital: Hunt Real Estate Capital, part of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA financing and its own proprietary loan products. Since inception, the company has structured more than $28.4 billion of loans and today maintains a servicing portfolio of more than $15 billion. Headquartered in New York City, Hunt Real Estate Capital has 241 professionals in 25 locations throughout the United States. To learn more, visit huntrealestatecapital.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