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College Station student houseing porffolio Tuscaloosa, AL |
BETHESDA, MD – Beech Street Capital, LLC announced it closed
a $17 million Fannie Mae Dedicated Student Housing loan to refinance the College
Station Portfolio, which consists of 264 units in nineteen properties owned
by ROAR, LLC, in Tuscaloosa, Alabama.
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| Chad Thomas Hagwood |
Chad Thomas
Hagwood, executive vice president of loan originations for Beech Street,
originated the loan, and Brandon E. Pate managed the transaction.
“The College Station
Portfolio was an excellent fit for Fannie’s Dedicated Student Housing program,”
notes Hagwood.
“ROAR has a proven track
record with student properties, and the properties themselves, within walking
distance of campus, are in very high demand with University of Alabama
students.”
The properties typically
operate at 99 percent occupancy. The interest rate on the loan was in the low
four percent range.
The complexity of
the portfolio, with 19 properties built between 1920 and 1992 clustered in
three groups around the campus, proved no obstacle to Beech Street’s team. “The hallmark of the Beech Street approach
is our ability to adapt to our borrowers’ circumstances,” Hagwood notes.
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| University of Alabama, Tuscaloosa, AL |
The Tuscaloosa
apartment market is dynamic and very active, fueled by the dramatic growth of
the University of Alabama over the past ten years and the redevelopment
that has occurred in the wake of the devastating tornadoes that hit the city in
April 2011, including a multi-million dollar downtown urban renewal
project.
The fixed-rate loan
has a 10-year term and 9.5 years of yield maintenance with 30 years of
amortization, payable on an actual/360 basis.
For a complete copy of the company’s news release, please
contact:
Courtney Lewis
240-507-1948 or
Jenifer Bernardi
240-507-1946.
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