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| North Campus Crossing pool, Greenville, NC |
SAN DIEGO, CA – HFF announced today that it has arranged
$19.8 million in financing for North Campus Crossing – Phase II, a
276-unit, 816-bed, purpose-built student housing community serving East
Carolina University in Greenville, North Carolina.
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| Tim Wright |
HFF worked exclusively on behalf of a joint venture between
Pierce Education Properties, LP and Core Properties LLC to secure the
fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation)
CME Program.
The securitized loan will
be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer
program. Loan proceeds were used to
acquire the property.
Completed in two phases during 2005 and 2006, North Campus
Crossing features best-in-class amenities including a resort-style zero-entry
pool, full-size gymnasium, indoor volleyball court, double sand volleyball
courts, basketball courts, weight and cardio room, aerobics classes, tanning
beds, computer lab and theatre room.
The HFF team representing the borrower was led by senior
managing director Tim Wright and associate director Zack Holderman.
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| East Carolina University, Greenville, NC |
Pierce Education Properties, LP is a San Diego-based owner,
manager and developer of Class A, purpose-built student housing and
education-based real estate.
Pierce is
recognized as one of the top owners/managers of student oriented assets with a
national portfolio of approximately 4,500 beds.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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