HFF Arranges $5.4M Refinancing of Clarion U. Property

Clarion, Pa. — HFF has arranged a $5.4 million loan for the refinancing of Clarion Habitat 8 Apartments near Clarion University.

CampusHabitat8-SHBClarion, Pa. — Holliday Fenoglio Fowler (HFF) has arranged a $5.4 million loan for the refinancing of a student housing community serving students of Clarion University. Campus Habitat 8 Apartments is located adjacent to the school's campus at 990 E. Main St. It comprises two buildings containing 70 residences. There are 15 studios, 25 one-bedroom and 30 two-bedroom units, which average 466 square feet. The property is almost fully occupied. The loan, which was provided by Farmers & Merchants Bank of Western PA, carries a 10-year term and a fixed interest rate. Proceeds were used by the borrower, Campus Habitat, the repay the property's original acquisition and renovation financing. Dave Keller of HFF's Indianapolis office arranged the transaction.

 

— Coleman Wood

 


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