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Berkadia Secures $23 Million Refinancing for 198-Bed Mixed-Use Community Near Florida State

Tallahassee, Fla. — Berkadia has secured a $23 million refinancing for CollegeTown II, a 198-bed, mixed-use student housing community located near Florida State University in Tallahassee. Brad Williamson of Berkadia’s Miami office arranged the loan on behalf of the borrower, Seminole Boosters, the fundraising arm for Florida State University Athletics. Ameris bank provided the 10-year, fixed-rate refinancing, which features a 3.66 percent interest rate. Located at 805 West Madison St., CollegeTown II consists of five, seven-story buildings offering 87 units of student housing alongside 23,177 square feet of retail space and a seven-story parking garage. Retail tenants at the property include Township, 51 Madison, Tin Lizzy, Barefoot Outfitters, Little Masa and Sunstop.