Chicago — Chicago-based Alliant Credit Union has provided over $51 million in financing for three student housing properties located near Louisiana State University (LSU) in Baton Rouge, Baylor University in Waco, Texas, and the University of Tennessee in Knoxville.
In Baton Rouge, Alliant provided acquisition financing to Versity Investments for a student housing property comprising 244 residential units and 466 beds. Located one mile south of the LSU campus, the property was 100 percent occupied at the time of sale for the 2021/2022 school year. The undisclosed seller completed renovations to offer interior and community amenities, including lounges, two pools, a coffee bar, fitness center and a grilling area. Josh Perew of Walker & Dunlop referred the transaction to Alliant.
In Waco, Alliant Credit closed on acquisition financing for a student housing property located approximately one mile from Baylor. The complex includes 116 apartments in three buildings comprising a combined 455 beds. Community amenities include two resort-style pools and spas, sand volleyball court, basketball court, private jogging trail and a fitness center. Free high-speed internet and expanded cable TV are included in every unit. The flexible loan structure included a three-year term with extension options and a 30-year amortization schedule. Patrick Short of Walker & Dunlop referred the opportunity.
In Knoxville, Alliant funded the refinancing of Maplehurst Park, a multifamily property encompassing 20 apartment buildings with a total of 196 units. The property is adjacent to the University of Tennessee campus along the Tennessee River and overlooks Neyland Stadium. Upon acquisition, the sponsors invested $6.3 million in gut renovations of all units, as well as improvements to the façade and landscaping. Bill Mattice and Paul McDonald of Grandbridge Capital referred the deal to Alliant.