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KeyBank Provides $22.8 Million Financing for 390-Bed Student Housing Community Near Florida State

Tallahassee, Fla. — KeyBank Real Estate Capital has provided a $22.8 million Fannie Mae first mortgage loan for The Luxe on West Call, a 390-bed student housing community located near Florida State University in Tallahassee.

The property offers studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Community amenities include a 24-hour, state-of-the-art fitness center; media room; 24-hour business center; two-story social lounge; saltwater pool and cabana; bike storage and maintenance; complimentary tanning beds; and ground floor retail leased to tenants including Bellezza Beauty Bar, Asian Rox and Maple Street Biscuits. Erik Storz of KeyBank arranged the nonrecourse financing with a seven-year term, two years of interest only and a 30-year amortization period. The financing was used to facilitate the acquisition of the property.