TSB Closes Six Student Housing Transactions

Scottsdale, Ariz. — The deals include 1,200 units and 4,170 beds.

Scottsdale, Ariz. — TSB Capital Advisors has closed on six new financings for student housing complexes across the country. The deals contain 1,200 units and 4,170 beds. The first transaction is a capital raise for the development of The View at Baylor University in Waco, Texas. This complex contains 257 units and 718 beds and is scheduled for delivery in fall 2014. Copeland Commercial LLC, University Student Living and Kayne Anderson Real Estate Capital are partners in the project.

 

The second transaction garnered a capital raise for the acquisition of The Courtyards, a 182-unit and 676-bed student housing complex near the University of Kentucky in Lexington. This transaction marked the first deal that TSB has arranged for the joint venture partnership between VerTex and Harrison Street Real Estate Capital.

 

The third transaction is a non-recourse bank loan for Harrison Street Core Property Fund LP to acquire three floors of residential space at 490 Fulton Street in Brooklyn, N.Y. This space is master leased to Long Island University.

 

The fourth transaction included a capital raise for the development of 13th and Olive, a 373-unit and 1,301-bed student housing project at the University of Oregon in Eugene. Delivery for the first phase of the project is slated for fall 2013, with the remainder coming in fall 2014. Capstone Collegiate Communities and Kayne Anderson Real Estate Advisors are the partners.

 

For the fifth and sixth transactions, TSB worked with Inland American Communities Group Inc. on the financing of a two-property acquisition in Florida and North Carolina. The company arranged senior fixed-rate permanent financing through Freddie Mac seller servicer PNC Bank for the acquisition of a 149-unit, 554-bed development near North Carolina State University in Raleigh. The company also arranged senior fixed-rate permanent financing through Freddie Mac servicer KeyBank for the acquisition of a 178-unit, 710-bed development near Florida State University in Tallahassee.

 

— Katie Sloan

 

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