Tuesday, March 11, 2014

HFF arranges construction financing for student housing community serving Florida Atlantic University in Boca Raton, FL


Rendering of planned University Park student housing community, Boca Raton, FL

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.

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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