AUSTIN, TX – HFF announced today that it has arranged $25 million in financing for University Towers (top left photo), a 184-unit, 641-bed, off-campus, dormitory-style student housing project serving the University of Texas at Austin in Austin, Texas.Working on behalf of Cardinal Group Investments, LLC, HFF placed the adjustable-rate loan with a national debt fund. Loan proceeds were used to acquire the property.
University Towers consists of three residential towers, a six-story, 575-space parking garage and 35,840 square feet of ground floor retail space.
Community amenities include a swimming pool with grills, TV lounge, game room, fitness center, computer lab, housekeeping services, laundry facilities and a 24-hour security patrol.
The property also has a full-service cafeteria that serves meals to students every day.
Located at 801 West 24th Street, University Towers is in the West Campus area within walking distance to the University of Texas campus, which has more than 51,000 students and 17 colleges and schools.
The HFF team representing the borrower was led by Pat Burger (lower right photo), Tim Wright (top right photo) and Doug Opalka (lower left photo).
Cardinal Group Investments is the investment sponsor arm of Cardinal Group.
Founded in 2007, Denver-based Cardinal Group is a fully-integrated real estate investment, development, management and advisory firm specializing in opportunistic and value-added investments in student housing and multifamily / mixed-use urban infill projects in the United States.
Contacts:
PATRICK BURGER, HFF Associate Director, (858) 552-7690, pburger@hfflp.com
TIMOTHY WRIGHT, HFF Senior Managing Director, (858) 552-7690,
KRISTEN MURPHY, HFF Associate Director, Marketing, (713) 852-3500,
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