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| Rendering of planned University Park student housing community, Boca Raton, FL |
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| Elliott Throne |
MIAMI, FL – HFF announced it has arranged construction
financing for University Park, a to-be-built, 159-unit/599-bed student housing
community in Boca Raton, Florida. This will be the first purpose built, off
campus student housing deal catering to Florida Atlantic University.
HFF
worked exclusively on behalf of the borrower, a partnership between Rosemurgy
Properties, Giles Capital Group and Lewis Rental Properties, to secure the
three-year loan through Mutual of Omaha Bank.
Due
for completion in Spring 2015, University Park will feature two-, three-, and
four-bedroom layouts each offering students their own bedroom, bathroom and
closet.
Units will include a washer and dryer, common living room,
eat-in kitchen and covered balcony.
Residents will have access to a resort-style pool, fitness center,
climbing wall, TRX/Crossfit room, cardio/yoga/boxing studio, arcade table with
video gaming, student lounge with video wall, study labs with white boards,
juice bar/café, computer lounge, sand volleyball court and demonstration/event
kitchen.
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| Adam F. Herrin |
The property is
situated on a 10.7-acre site at 135 NW 20th Street, just east of Florida
Atlantic University’s Boca Raton campus, which has a total enrollment of more
than 29,000 students. University Park
will be managed by Innovative Student Housing.
The
HFF team representing the borrower was led by directors Elliott Throne
and Adam Herrin and senior real estate analyst Scott Wadler.
Founded in 1977 and headquartered in Boca Raton and Deerfield Beach,
Florida, Rosemurgy Properties is a privately-owned commercial real estate
development, investment and management firm.
Portfolio assets include multifamily, retail, self-storage, office and
land properties.
The company continues to expand in South Florida and other
areas in the Southeast based on strategic partnerships and opportunities for
diversification.
FAU Innovation Centre, now known as the Innovation Centre at
Florida Atlantic R & D Park, was a 10- year development project on the
campus of FAU that Rosemurgy Properties began developing in 1998 and sold in
2008.
The award-winning project encompassed 70 acres and eight buildings, and
was one of the few university research parks of its kind at the time.
Giles Capital Group, founded in 2012, is a real estate
advisory and investment company focused on the multifamily industry. The firm was founded by Richard Giles, a
former chief operating officer of The Bainbridge Companies.
Lewis Rental Properties has been a leader in light
industrial warehouse rentals and mini storage in south Florida since it was
founded in 1970.
All of their properties are family owned, operated and
maintained to ensure the best quality warehouse and storage facilities available
anywhere. They entered the student housing space with Addison Park, a 165-bed
facility within a block of both FAU’s campus and the University Park
development site.
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
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