HFF arranges $19.8 million financing for a student housing community located in Greenville, NC

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.

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.

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

krmurphy@hfflp.com