CBRE Arranges Acquisition Financing for 752-Bed Student Community at Florida State University
10 Nov 2020
Tallahassee, FL – Nov. 10, 2020 – CBRE has arranged financing for the acquisition of Quantum on West Call, a premier student housing property located a few blocks from the north campus neighborhood at Florida State University in Tallahassee, Florida. The 752-bed/225-unit, mid-rise community was completed in 2018 and is currently 100% occupied. Student residents can enjoy a 24-hour fitness center, resort-style pool, yoga center, cyber lounge, individual study nooks, community Wi-Fi access and group study spaces.
Benjamin Roelke and Ian Walker with CBRE Capital Markets’ Debt & Structured Finance team in Dallas arranged the financing on behalf of a joint venture between The Preiss Company, one of the nation’s largest, privately-held, student housing owner-operators, and a private equity fund advised by Crow Holdings Capital.
The ten-year, 65% loan-to-cost (LTC), floating-rate loan was provided through CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program, CBRE Multifamily Capital Inc. The financing features a 2.45% interest rate, full term interest-only payments and a flexible prepayment structure.
“Quantum on West Call is a well-positioned asset that has demonstrated strong performance throughout the pandemic,” said Mr. Roelke. “This performance, along with best-in-class sponsorship, helped us to secure exceptional financing terms despite the challenging capital markets for student housing due to COVID-19.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.