HFF arranges $230 million financing for six-property multi-state student housing portfolio

Aspen Heights, college student housing, Clemson, SC

Douglas Opalka

AUSTIN, TX – HFF announced today that it has arranged $230 million in financing for a six-property student housing portfolio totaling 1,496 units/4,799 beds across multiple states.

HFF worked exclusively on behalf of the borrower, Aspen Heights, to secure six separate loans that included five years of interest only loans through Morgan Stanley Mortgage Capital Holdings, Inc.  

The securitized loans will also be serviced by HFF.  Loan proceeds were used to refinance the original construction debt on the properties.

The properties in the portfolio were completed in 2013 and are approximately 95 percent leased for the spring 2014 semester.  Individual property details are listed below:

Property Name & Location                            University Served                             Size                                     

•  
• Aspen Heights – Clemson, NC, University of Clemson,
• 184 Units/598 Beds         
•  
• Aspen Heights – Columbia, MO, University of Missouri,
• 318 Units/972 Beds         
•  
• Aspen Heights – Harrisonburg, VA, James Madison University                              180 Units/600 Beds
•  
• Aspen Heights – Murfreesboro, TN, Middle Tennessee State                   244 Units/750 Beds
•  
• Aspen Heights – Statesboro, GA, Georgia Southern University,
• 339 Units/1,087 Beds
•  
• Aspen Heights – Stillwater, OK, Oklahoma State University             
• 231 Units/792 Beds         
•  

John Chun

The HFF team representing the borrower was led by senior managing director Doug Opalka, director John Chun and associate director Casey Wenzel.

Aspen Heights, headquartered in Austin, Texas, is a student housing developer and manager focused on “re-thinking” student living by building neighborhoods of American Craftsman-style homes with all the amenities of a luxury apartment community.

  In 2007, the organization founded Aspen Heights in Africa; a program that not only supports housing and education for youth on the continent of Africa but educates employees and college residents on the importance of making a global impact.

University of Clemson, Clemson, SC

 Several times a year employees and residents have the opportunity to travel to Africa and witness firsthand the importance of volunteering abroad.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com