Thursday, September 27, 2012

HFF arranges $21.5 million financing for student housing community in Minneapolis




CHICAGO, IL – HFF announced today that it has arranged $21.5 million in financing for Stadium Village Flats (top left photo), a 120-unit, 235-bed, Class A, purpose-built student housing community serving the University of Minnesota in Minneapolis, Minnesota.

                HFF worked on behalf of Harrison Street Real Estate Capital, LLC to secure the 10-year, fixed-rate acquisition 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.

Stadium Village Flats is located adjacent to the University of Minnesota’s main campus in the Stadium Village neighborhood at 850 Washington Avenue Southeast. 

The newly completed property is 100 percent resident-occupied and includes a climate-controlled underground parking garage as well as 19,175 square feet of ground floor retail space, which is 100 percent leased to CVS, Noodles & Company and Dino’s Gyros.

 Community amenities include fully furnished units, state-of-the-art theater room, 24-hour fitness center, yoga studio, computer lab, gaming center and penthouse-level sky lounge. 

The HFF team representing the borrower was led by managing directors Timothy Joyce (lower right photo)and Stephen Skok.

For a complete copy of the company’s news release, please contact:

KRISTEN MURPHY
HFF Associate Director, Marketing
 (713) 852-3500


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