Student Housing Business

JAN-FEB 2018

Student Housing Business is the voice of the student housing industry.

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Page 20 of 88

NE WS IN BRIEF January/February 2018 20 When it comes to acquisition, development, and managing of innovative student housing communities, University Partners is in a class by ourselves. With 15 years working together, we pride ourselves on delivering an exceptional experience to owners, investors and ultimately students and their families. BUY. BUILD. MANAGE. SMARTER. Stratum at Indiana offers fully furnished one- and two-bedroom units near Indiana University in Bloomington. CBRE ARRANGES $14.7 MILLION REFINANCING FOR STUDENT HOUSING PROPERTY NEAR INDIANA UNIVERSITY Bloomington, Ind. — CBRE National Student Housing has arranged $14.7 million in permanent debt for the refinancing of Stratum at Indiana, a 180-unit student housing community located near Indiana University in Bloomington. Benjamin Roelke of CBRE secured the financing on behalf of the borrower, Suburban Campus Properties, through the company's Fannie Mae Delegated Underwriting and Servicing (DUS) program, CBRE Multifamily Capital Inc. The financing features a cash-out compo- nent combined with a low, fixed interest rate and interest-only payments for the first seven years of the loan term. The property offers one- and two-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a swimming pool; tanning lounges; a 24-hour, state-of- the-art fitness center; yoga studio; Wi-Fi café; clubhouse; and a 24-hour business center. CAROLINA APARTMENT ADVISORS ARRANGES SALE OF 490- BED COMMUNITY NEAR WESTERN CAROLINA UNIVERSITY Cullowhee, N.C. — Carolina Apartment Advisors has arranged the sale of Riverwalk Apartments, a 490-bed community located near Western Carolina University in Cullowhee. The property offers two- and three- bedroom units with bed-to-bath parity. Shared amenities include a resort- style swimming pool, river access deck, community grills, a game lounge, 24/7 fitness center, beach volleyball court, computer lounge and a dog walk area. Carolina Apartment Advisors represented the seller, Three Moose Villages LLC. The buyer and sales price were undisclosed. CAMPUS ADVANTAGE AWARDED MANAGEMENT OF 252-BED COMMUNITY NEAR NEW MEXICO STATE UNIVERSITY Las Cruces, N.M. — Campus Advantage has been awarded management of The Flats at Ridgeview, a 252-bed community located near New Mex- ico State University and the Burrell College of Osteopathic Medicine in Las Cruces. The property is currently under development, and is set to open in fall 2018. The garden-style community will feature one- and two- bedroom units. HUNT PROVIDES ACQUISITION FINANCING FOR 78-BED COMMUNITY NEAR FLORIDA STATE UNIVERSITY Tallahassee, Fla. — Hunt Mortgage Group has provided a $4 million con- ventional Fannie Mae loan for the acquisition of The Highlands, a 78-bed property located near Florida State University in Tallahassee. Tim Ste- vens of CREFCO secured the financing — which features a 10-year term with three years interest only — on behalf of the borrower, NMS High- lands. The property offers four- and five-bedroom, cottage-style units. CollegeTown Properties will now manage the community.

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