Stadium Village Flats.
Minneapolis — HFF has arranged $21.5 million in financing for Stadium Village Flats, a 120-unit, 235-bed, Class A, purpose-built student housing community serving the University of Minnesota in Minneapolis. The deal closed Sept. 7, according to media reports.
HFF worked on behalf of Harrison Street Real Estate Capital to secure the 10-year, fixed-rate acquisition loan through Freddie Mac's CME Program.
Stadium Village Flats is adjacent to the University of Minnesota's main campus in the Stadium Village neighborhood. The newly completed property is 100 percent occupied and includes a climate-controlled underground parking garage as well as 19,175 square feet of ground-floor retail space, which is 100 percent leased to CVS/pharmacy, Noodles & Company and Dino's Gyros.
Community amenities include fully furnished units, a theater room, 24-hour fitness center, yoga studio, computer lab, gaming center and penthouse-level sky lounge.
The HFF team representing the borrower was led by managing directors Timothy Joyce and Stephen Skok.
Harrison Street Real Estate Capital, LLC was founded in 2005 and has approximately $4 billion in assets under management. The firm currently owns approximately $3.5 billion in real estate assets including more than 25,000 student housing beds, 6,000 seniors housing/assisted living units, 1.4 million square feet of medical office space, 72,000 self storage units and 4,600 dry and wet boat storage slips.