Berkadia Secures $31M Construction Financing for 308-Bed Development Near Florida State

CollegeTown Phase III will deliver 308 beds adjacent to the Florida State University campus in Tallahassee. CollegeTown Phase III will deliver 308 beds adjacent to the Florida State University campus in Tallahassee.

Tallahassee, Fla. — Berkadia has secured $31 million in construction financing for CollegeTown Phase III, a 308-bed student housing development located adjacent to Florida State University in Tallahassee.

Brad Williamson of Berkadia’s South Florida office secured the loan through a regional bank on behalf of the borrower, Seminole Boosters Inc. The seven-story community is being developed by Alan Hooper and Tim Petrillo of Urban Street Development, and will feature a structured parking garage and 3,550 square feet of retail space. Construction is slated to begin this year. 

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