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NE WS IN BRIEF JULY/AUGUST 2015 STUDENT HOUSING BUSINESS .COM 8 PREISS CO. BUYS COMMUNITY NEAR TEXAS STATE UNIVERSITY San Marcos, Texas — The Preiss Co. has acquired the 486-bed Outpost San Marcos student housing com- plex serving Texas State Universi- ty. The property is the second pur- chased this year by joint ventures comprised of Preiss, Baltimore- based Criterion Holdings LLC and a separate private investment group. Preiss plans to upgrade the property, as well as operate the fa- cilities. The Outpost San Marcos is located within walking distance to the football stadium and approxi- mately seven minutes from the Texas State campus via transpor- tation provided by the university. Situated on 11.2 acres, the complex consists of six, three-story build- ings and a standalone clubhouse. Upgrades will include enhancing the clubhouse and adding a large study/computer room. Plans also call for the installation of new ft- ness equipment with Fitness on Demand, new furnishings, new pool furniture and a major up- grade to Internet connectivity and speed. The Outpost features fully furnished private bedrooms, bath- rooms and balconies; plank wood fooring and upgraded electronic front door locks. Amenities in- clude a 24-hour ftness center, free tanning beds, a business center, pool table, shufe board, theater room with DVD library, and cable TV with HBO. Students can enjoy a resort-style swimming pool with sun deck and hot tub, barbecue grills, basketball court and sand volleyball court. PHILLIPS REALTY CLOSES $85 MILLION LOAN FOR FLORIDA STUDENT HOUSING PROJECT Daytona Beach, Fla. — Phillips Realty Capital has closed on an $85 million construction loan for Quantum Realty Capital LLC's student residence development on the campus of Bethune-Cook- man University (BCU) in Daytona Beach. Silver Spring, Maryland- based Quantum is building stu- dent residence facilities that will be leased back to BCU. Phillips Realty Capital Managing Director Brian Boland structured the fnanc- ing with a lender that specializes in credit tenant-lease fnancing. The construction-to-permanent loan has a 100 percent loan-to- cost ratio with a 36-year term. Quantum's 1,206-bed residence hall project includes four student housing buildings at two diferent locations on the BCU campus. The completed residence halls' design includes high-efciency energy systems and best-of-class student amenities. Each student housing building is comprised of exterior courtyard common areas, stu- dent living and study rooms, and student and staf ofces. Interior common areas include multipur- pose rooms, ftness, lounge and laundry facilities. Construction is underway, with Phase I expected to be completed in January 2016 and completion of Phase II ex- pected in June 2016. GRAND CAMPUS LIVING HIRES NEW LEADERSHIP Dallas — Lincoln Property Co.'s student housing division, Grand Campus Living (GCL), has hired Carol Warren Peddy to serve as senior vice president and Jason White as vice president. Peddy began her career as a community manager at JPI. Most recently, she held the position of vice president of operations at Campus Advan- tage. White started in 1996 as a community assistant before being promoted to leadership positions such as regional manager, senior regional manager and assistant vice president of operations. Situated on 11.2 acres, the Outpost San Marcos complex consists of six, three-story buildings and a standalone clubhouse. California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight. POWERING YOUR PROSPERITY Kurt Zech Kennedy Wilson Avid Surfer Walker & Dunlop borrower since 2010 www.walkerdunlop.com Commercial Real Estate Finance