The Trinitas-owned project had its construction loan converted to a $25 million permanent mortgage.
Champaign, Ill. — Holliday Fenoglio Fowler (HFF) has arranged a $25 million permanent loan for the refinancing of The Village at Colbert Park, an off-campus student housing community located near tthe University of Illinois in Champaign. The fixed-rate financing carries a 10-year term with 2 years of interest-only payments and a 30-year amortization schedule thereafter.
Jon Everson of HFF’s Indianapolis office arranged the loan, and M&T Realty Capital Corp. sourced the deal through the lender, Fannie Mae. The borrower, West Lafayette, Ind.-based Trinitas Ventures, will use the proceeds to retire the property’s construction/mini-perm financing.
Completed in 2007, The Village at Colbert Park is located at 100 Village Park Way. It contains 699 beds in 279 units. Amenities include a clubhouse with a recreation room, a fitness center, a spa and tanning facility, a computer/business center, a swimming pool, and basketball and volleyball courts. The community also provides shuttle bus service to the university.