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The Annex of Vincennes Student Housing, 201 West St. Clair Street, Vincennes, IN
INDIANAPOLIS, IN – HFF announced it has arranged $4.75
million in financing for The Annex of
Vincennes, a 128-bed, 52-unit student-housing community serving Vincennes
University in Vincennes, Indiana.
HFF worked on behalf of the borrower, Annex Student Living,
LLC (Annex), to secure the 10-year, fixed-rate loan.
Additionally, HFF will service the
securitized loan, which will be used to refinance existing debt and pay
transaction costs.
Annex
of Vincennes is situated on 1.377 acres at 201
West St. Clair Street across from Vincennes University, Indiana’s first
college and one of the oldest in the U.S.
Located at the intersection of West St. Clair and Chestnut
Streets, the property is three blocks from the banks of the Wabash River in
northeastern Vincennes, a city of 18,000 people in southwestern Indiana
approximately 123 miles from Indianapolis.
Built in 1990 and renovated in 2014, the community is
composed of two buildings with furnished two-bedroom units and three buildings
with furnished six-bed townhomes.
The 100-percent-occupied community features a 24-hour
community center, laundry center and bike racks.
Annex purchased the distressed asset in December 2013 and
renovated the property, improved the reputation and completely leased the units
with a waiting list for the 2014/2015 school year.
The
HFF debt placement team was led by associate director Zachary Roden and real estate analyst Adam Nowak.
“The HFF team was extremely attentive, proactive and simply
a pleasure to work with,” said Kyle
Bach, CEO of Annex. “I will continue
to work with their team on future transactions.”
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For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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