HFF arranges $13 million in construction and mezzanine financing for Fountain Residential student housing project at Oregon State University

 DALLAS, TX – HFF announced today that it has arranged a construction and mezzanine loan totaling $13 million for 7th Street Station (top left rendering), a 308-bed/82-unit student housing development at Oregon State University in Corvallis, Oregon.

HFF worked exclusively on behalf of the borrower, Fountain Residential Partners, to secure the construction loan through American Bank of Texas.  Nationwide Real Estate Investments provided the mezzanine loan. 

Due for completion in September 2012,  7th Street Station will feature 10 two-bedroom/two-bath and 72 four-bedroom/four-bath units averaging 1,321 square feet each.

 Located at the southwest corner of 7th Street and SW Western, the property is three blocks east of the Oregon State University campus in Corvallis.  7th Street Station will be the first purpose-built, off-campus student housing project developed in the Oregon State market, which has average multifamily occupancies of 99 percent. 

The HFF team representing Fountain Residential Partners was led by associate director Adam Herrin (middle right photo) and director Tom Wilson (lower left photo). 

According to HFF, this project represents a unique opportunity to develop a student housing community at a university with substantial enrollment growth and high barriers to entry. Oregon State University boasts a current enrollment of 24,977, with an increase of 5.1% this year. The investor appetite for this project once completed will be significant.

Fountain Residential Partners is a Dallas-based multifamily real estate development and asset management company specializing in student housing. 

  The team is led by Brent Little, Jon Clayton and Trevor Tollett who have extensive experience in developing student housing communities across the country. Earlier this year Fountain Residential commenced construction of The Vue on University Apartments one block from Texas Christian University in Fort Worth, Texas.

Contacts:

ADAM F. HERRIN                                THOMAS F. WILSON                 

HFF Associate Director                        HFF Director                                    

(214) 265-0880                                      (503) 224-0444                               

aherrin@hfflp.com                                  twilson@hfflp.com

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com