AUSTIN, TX, February 12, 2014 - HFF announced today that it has arranged $230 million in financing for a six-property student housing portfolio totaling 1,496 units/4,799 beds across multiple states.
HFF worked exclusively on behalf of the borrower, Aspen Heights, to secure six separate loans that included five years of interest only loans through Morgan Stanley Mortgage Capital Holdings, Inc. The securitized loans will also be serviced by HFF. Loan proceeds were used to refinance the original construction debt on the properties.
The properties in the portfolio were completed in 2013 and are approximately 95 percent leased for the spring 2014 semester. Individual property details are listed below:
|Property Name & Location||University Served||Size|
|Aspen Heights - Clemson, NC||University of Clemson||184 Units/598 Beds|
|Aspen Heights - Columbia, MO||University of Missouri||318 Units/972 Beds|
|Aspen Heights - Harrisonburg, VA||James Madison University||180 units/600 Beds|
|Aspen Heights - Murfreesboro, TN||Middle Tennessee State||244 Units/750 Beds|
|Aspen Heights - Statesboro, GA||Georgia Southern University||339 Units/1,087 Beds|
|Aspen Heights - Stillwater, OK||Oklahoma State University||231 Units/792 Beds|
The HFF team representing the borrower was led by senior managing director Doug Opalka, director John Chun and associate director Casey Wenzel.
Aspen Heights, headquartered in Austin, Texas, is a student housing developer and manager focused on "re-thinking" student living by building neighborhoods of American Craftsman-style homes with all the amenities of a luxury apartment community. In 2007, the organization founded Aspen Heights in Africa; a program that not only supports housing and education for youth on the continent of Africa but educates employees and college residents on the importance of making a global impact. Several times a year employees and residents have the opportunity to travel to Africa and witness firsthand the importance of volunteering abroad.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.
HFF Senior Managing Director
HFF Associate Director, Marketing
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Source: HFF, Inc. via GlobeNewswire