TALLAHASSEE, FL - Berkadia announces it has secured a $23 million loan to refinance a construction loan for CollegeTown II, a mixed-use development consisting of student housing, retail and parking located in downtown Tallahassee, Florida. Managing Director Brad Williamson of Berkadia’s Miami office arranged the loan on behalf of Seminole Boosters, the fundraising arm for Florida State University Athletics. CollegeTown II was completed in 2016 and is fully stabilized. Berkadia also sourced the original construction loan in 2015.
Ameris bank provided the 10-year, fixed-rate refinancing, with a 3.66% interest rate.
“The current pandemic has presented challenges for the student housing market and most lenders have been conservative due to potential campuses going virtual,” said Williamson. “Berkadia’s ability to obtain financing for this project is a testament to the strength of the overall CollegeTown project. The asset is fully stabilized and has been a staple to the Florida State University community.”
Located at 805 West Madison Street, CollegeTown II consists of five 7-story buildings with 87 units (198 beds) of student housing, 23,177 square feet of retail and a 7-story parking garage with 598 total spaces. Retail tenants in the project include Township, 51 Madison, Tin Lizzy, Barefoot Outfitters, Little Masa, and Sunstop.
The CollegeTown District is located just two blocks from the FSU campus and steps from from the Doak S. Campbell, Donald T. Tucker Civic Center and Dick Howser Baseball Stadium. CollegeTown is the heart of game-days, dining, entertainment and year-round festivities for students, locals and alumni alike.