Norman, Okla. — Holliday Fenoglio Fowler has secured a $23 million refinancing for Crimson Park, a 268-unit, 792-bed student housing community serving the University of Oklahoma.
Working on behalf of Pierce Education Properties, HFF placed the 10-year, 3.8 percent securitized loans with Freddie Mac's (Federal Home Loan Mortgage Corporation) CME Program. The loans will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program.
Completed in 2005, community amenities include a 24-hour fitness center, basketball court, sand volleyball court, putting green, three-tier resort-style pool, hot tub, fire pit, tanning bed and media room.
The HFF team representing the borrower was led by senior managing director Timothy Wright and associate director Zack Holderman.
Pierce Education Properties is a San Diego-based owner, manager and developer of Class A, purpose-built student housing and education-based real estate. Pierce owns and manages a $275 million national portfolio of approximately 5,600 beds. According to data from Real Capital Analytics, Pierce ranks as the sixth largest buyer of student apartments over the past five years (2007-2011).