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Boston — TSB Capital Advisors has arranged the recapitalization of 1047 Commonwealth Avenue, a 180-unit student housing property located near Boston University.
The community offers studio apartments and 2,890 square feet of retail leased to Caffé Nero. The residential component of the property is currently master-leased to Boston University. University Student Living completed a renovation and expansion at the site in fall 2016, and acts as property manager for the community. The company is looking for a new university tenant for occupancy beginning summer 2018. Capital One provided the floating-rate term loan through Freddie Mac.