Tallahassee, Fla. — Chance Parnters and institutional partner are building new FSU apartments.
Tallahassee, Fla. — Capital Advisors has arranged approximately $17.66 million in construction financing for the Catalyst Student Apartments, a 402 bed, 128 unit student housing community in Tallahassee.
Philip Rachels of Capital Advisors arranged the 3-year, interest-only loan on behalf of the borrower, an affiliate of Chance Partners, Inc., through Community and Southern Bank.
The Catalyst is three blocks from Florida State University campus and will be the closest student housing to the Doak Campbell Football Stadium. There will be one building on a 2.8-acre site.
It will feature a rooftop pool and an adjacent structured parking garage. The project will be completed July, 2013. Chance Partners has developed 13 boutique properties over the past two years in this neighborhood and is constructing Catalyst with an institutional partner.