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NE WS IN BRIEF JULY/AUGUST 2015 STUDENT HOUSING BUSINESS .COM 12 PREISS TO MANAGE COMMUNITY NEAR UNIVERSITY OF TENNESSEE AT MARTIN Martin, Tenn. — The Preiss Co. has been selected by Stonemont Fi- nancial Group to manage The Sta- tion at Martin, a 384-bed student housing community serving The University of Tennessee at Mar- tin. The community is the second community in the state of Tennes- see that Preiss will manage. The Station at Martin, formerly known as The Reserve at Martin, is within walking distance to campus and features large four-bedroom, four- bath units; swimming pool, tennis court; clubhouse with ftness cen- ter; and large amounts of green space. As part of the rebranding efort, the property will undergo capital improvements to the com- munity clubhouse space and inte- rior units. The clubhouse will be renovated to feature more open, community areas where students can study and socialize in a more modern setting. In addition, there are plans to create a group study cofee lounge area overlooking the pool and to upgrade the ftness center to accommodate 24/7 ac- cessibility. Interior unit upgrades will feature new appliances, vinyl plank fooring, lighting and mini- blind packages, as well as new furniture oferings. Monthly rents at The Station at Martin begin at $425 per student, which includes all utilities and furniture. FINANCIAL FEDERAL ARRANGES $18 MILLION FINANCING OF ALABAMA STUDENT HOUSING Mobile, Ala. — The Memphis ofce of Financial Federal Bank has ar- ranged the $18 million acquisition fnancing of The Campus Quar- ters Apartments in Mobile. The 533-bed student housing property, located one block from the Uni- versity of South Alabama cam- pus, was built in 2012. The prop- erty's 165 units were 93 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the seven-year fxed-rate loan with 40 months of interest-only payments and a 30-year amortization sched- ule through their relationship with a national CMBS lender. The borrower was Mobile CQ Student Housing LLC. UC FUNDS PROVIDES $2 MILLION OF CAPITAL FOR COMPLEX NEAR CLEMSON, SOUTH CAROLINA Clemson, S.C. — UC Funds has pro- vided $2 million of equity capital on a Class A student housing com- plex in Clemson. The 15-building Clemson Lofts complex is located within one mile of Clemson Uni- versity. Clemson Lofts will total 640 beds across 232 units. Com- pleted units range from one- to four-bedrooms and include loft- style high ceilings with exposed beams, stainless steel appliances, granite kitchens with islands and an open layout. Community ame- nities include a pool, ftness center and clubhouse. The property is 98 percent preleased for the up- coming year and construction is expected to be completed within three months. CORVIAS CAMPUS LIVING HIRES NEW COO East Greenwich, R.I. — Corvias Campus Living has hired Chris Wilson as its new COO. In his new role as COO, Wilson will oversee the day-to-day opera- tions of the Cam- pus Living division and work closely with Managing Director Kurt Ehlers. He will help manage and execute business strategies and projects, including develop- ment and construction delivery, in addition to solving issues that arise. Prior to joining Corvias, Wil- son served as president of Lend Lease Healthcare Development. CAMPUS EVOLUTION VILLAGES BUYS CAMPUS WALK IN WILMINGTON, NORTH CAROLINA Wilmington, N.C. — Campus Evo- lution Villages LLC has acquired a 535-bed student housing commu- nity in Wilmington, located within walking distance of the University of North Carolina Wilmington. Campus Walk, to be rebranded Campus Evolution Villages, is comprised of 434 units. The prop- erty will undergo a $2 million renovation plan. The transaction represents the 16th acquisition for Campus Evolution Villages. The company now owns and manages 25 student housing assets nation- wide. CBRE National Director of Student Housing Jacklyn Fitts brokered the sale. The transaction was completed with an afliate of Elliott Management Corp. as part of its student housing partnership with Campus Evolution Villages. SPERRY VAN NESS|RM MOORE ARRANGES $9.7 MILLION SALE OF STUDENT HOUSING PROPERTY NEAR UNIVERSITY OF TENNESSEE Knoxville, Tenn. — Sperry Van Ness|RM Moore has arranged the $9.7 million sale of a 51-unit student housing apartment com- plex located in the historic Fort Sanders area of Knoxville north of the University of Tennessee. EDR Trust purchased the Renaissance IV/V student housing proper- ties. EDR currently owns a Class A student housing property in the area known as The Commons. Michelle Gibbs and Roger Moore were the buyer's brokers and Rick Ross was the seller's broker. CBRE ARRANGES $35 MILLION IN FINANCING FOR STUDENT HOUSING ADJACENT TO UNIVERSITY OF MICHIGAN Ann Arbor, Mich. — CBRE Capi- tal Markets' Debt and Structured Finance team has arranged $35 million in fnancing for the re- capitalization of University Tow- ers adjacent to the University of Michigan in Ann Arbor. The loan was arranged on behalf of Sub- urban Campus Properties, a pri- vately held real estate company specializing in the ownership and operation of student housing. University Towers is a 446-bed- room, high-rise student housing community located adjacent to the central campus of the Univer- sity of Michigan. CBRE sourced and secured the 10-year loan with full-term interest only and a sub 3.5 percent interest rate through its Fannie Mae Delegated Under- writing and Servicing program, CBRE Multifamily Capital. The fnancing allowed the client to de- fease its existing CMBS loan and recapitalize the signifcant capital improvements which had been made to the property recently. CAMPUS APARTMENTS HIRES KATE GRASSO AS VP OF LEASING AND MARKETING Philadelphia — Campus Apart- ments has hired Kate Grasso as vice president of leasing and mar- keting. In this position, Grasso will oversee the development and execution of comprehensive leas- ing and marketing plans for Cam- pus Apartments' new develop- ment, acquisitions and stabilized communities. "Kate's industry ex- perience and track-record of dedi- cation to top-notch results will be a signifcant asset to the Campus Apartments leadership team and our properties across the country," says Miles Orth, executive vice president and COO of Campus Apartments. Grasso brings more than 18 years of leasing and mar- keting expertise in the multifamily and student housing industries to Campus Apartments. Prior to join- ing the company, Grasso served as vice president of sales and leasing for Peak Campus, where she was responsible for the development and execution of leasing strategies and marketing initiatives. E a R . C a h a W C O a s w Wilson As part of its rebranding effort, The Station at Martin will undergo capital improvements to both the community clubhouse space and interior units.