INDIANAPOLIS, IN – HFF announced today that it has arranged $21.75 million in acquisition financing for Pirate’s Cove (top left photo), a 264-unit, 1,056-bed student housing community near East Carolina University (ECU) in Greenville, North Carolina.HFF worked on behalf of the borrower, a joint venture between The Scion Group and Virtus Real Estate Capital, to secure the 10-year, fixed-rate loan through Freddie Mac. The financing will be securitized through Freddie Mac’s CME Program. HFF will also service the loan through its Freddie Mac Program Plus® Seller/Servicer program.
Pirate’s Cove is located at 3305 East 10th Street approximately two miles from East Carolina University. Built in 2000, the property sits on 55-acres of land and has all four-bedroom, four-bath units. The Scion Group has plans for $2 million in interior upgrades to the property, which are scheduled for completion in 2013.
The community is served by a dedicated University-operated shuttle bus and community amenities include two clubhouses, two swimming pools, three sand volleyball courts, basketball court, tennis court, fitness center and tanning salon.
The HFF team representing the borrower was led by senior managing director Dave Keller (lower right photo)
Contacts:
DAVID B. KELLER
HFF Senior Managing Director
(317) 630-3191
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
