Daytona Beach, Fla. — Phillips Realty Capital has closed on an $85 million construction loan for Quantum Realty Capital LLC’s (Quantum) student residence development on the campus of Bethune-Cookman University (BCU) in Daytona Beach.
The Silver Spring, Maryland-based developer is building student residence facilities that will be leased back to BCU.
Phillips Realty Capital Managing Director Brian Boland structured the financing with a lender that specializes in credit tenant-lease financing. The construction-to-permanent loan has a 100 percent loan-to-cost ratio with a 36-year term.
Quantum’s 1,206-bed residence hall project includes four student housing buildings at two different locations on the BCU campus. The completed residence halls’ design includes high-efficiency energy systems and best-of-class student amenities. Each student housing building is comprised of exterior courtyard common areas, student living and study rooms, and student and staff offices. Interior common areas include multipurpose rooms, fitness, lounge and laundry facilities.
Construction is underway, with Phase I expected to be completed in January 2016 and completion of Phase II expected in June 2016.