Beech Street Closes $17 Million Fannie Mae Loan To Refinance a Portfolio Of 19 Student Apartment Complexes In Tuscaloosa

Tuscaloosa, Ala. — The portfolio includes buildings constructed between 1920 and 1992, clustered into three groups in different locations around the University of Alabama campus.

Beech StreetSt. James is in the west neighborhood of Tuscaloosa.Tuscaloosa, Ala. — Beech Street Capital has closed a $17 million Fannie Mae Dedicated Student Housing loan to refinance the College Station Portfolio, which consists of 264 units in 19 properties owned by ROAR, LLC, in Tuscaloosa, Ala. Chad Thomas Hagwood, executive vice president of loan originations for Beech Street, originated the loan, and Brandon E. Pate managed the transaction.

 

"The College Station Portfolio was an excellent fit for Fannie's Dedicated Student Housing program," Hagwood said. "ROAR has a proven track record with student properties, and the properties themselves, within walking distance of campus, are in very high demand with University of Alabama students." The properties typically operate at 99 percent occupancy. The interest rate on the loan was in the low 4 percent range.

 

The portfolio's 19 properties were built between 1920 and 1992 and are clustered in three groups around the campus.

 

 

 

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