SAN DIEGO, CA – HFF announced it has secured a $23 million refinancing for Crimson Park (top left aerial photo), a 268-unit, 792-bed student housing community serving The University of Oklahoma in Norman, Oklahoma.
Working exclusively on behalf of Pierce Education Properties, HFF placed the 10-year, 3.8 percent securitized loans with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Completed in 2005, community amenities include a 24-hour fitness center, basketball court, sand volleyball court, putting green, three-tier resort-style pool, hot tub, fire pit, tanning bed and media room.
The HFF team representing the borrower was led by senior managing director Timothy Wright (middle right photo) and associate director Zack Holderman (lower left photo).
Pierce Education Properties is a San Diego-based owner, manager and developer of Class A, purpose-built student housing and education-based real estate.
Pierce owns and manages a $275 million national portfolio of approximately 5,600 beds. According to data from Real Capital Analytics, Pierce ranks as the sixth largest buyer of student apartments over the past five years (2007-2011).
Contacts:
TIMOTHY D. WRIGHT
HFF Senior Managing Director
(858) 552-7690
MYRA F. MOREN
HFF Director, Marketing
(713) 852-3500
No comments:
Post a Comment