Seattle firm gets $35M loan to buy Tampa student housing

Seattle firm gets $35M loan to buy Tampa student housing

Sunday, August 20, 2017

The Venue at North Campus in Tampa (Source: CollegeRentals.com)

A Seattle-based landlord secured $35 million of financing for the acquisition of a 206-unit student housing complex in Tampa.

The debt and structured finance group at CBRE arranged the permanent financing on behalf of Horizon Realty Advisors, which bought the student-housing complex for $46.6 million.

Benjamin Roelke in the Dallas office of CBRE secured the financing for Horizon’s acquisition of the property, called Venue at North Campus.

A LEED-certified development, Venue at North Campus is at 13702 North 42 Street in Tampa, next to the University of South Florida.

The property last traded in 2012, when Dinnerstein Cos. bought it from Deutsche Asset & Wealth Management for $49 million.

The property consists of two, four-story buildings with studios, two- four- and five-bedroom units ranging in size from 455 square feet to 2,049 square feet.

Common-area amenities include a fire pit, tanning dome, lounge area, two pool plazas, private study rooms and sand volleyball facilities. [Multi-Housing News] Mike Seemuth


Source: The Real Deal