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Florida & Gulf Coast  + North Florida  + Student Housing  |  September 17, 2020
David Cohen
By: David Cohen

Berkadia Arranges $23M Refinancing for Florida State Student Housing Property

Berkadia has arranged a $23 million loan to refinance a construction loan for CollegeTown II, a mixed-use development consisting of student housing, retail and parking in downtown Tallahassee. The property was completed in 2016 and is fully stabilized. Berkadia also sourced the original construction loan in 2015.

Located at 805 West Madison Street, CollegeTown II consists of five seven-story buildings with 87 units and 198 beds of student housing as well as 23,177 square feet of retail space and a 7-story parking garage with 598 spaces. Retail tenants at the project include Township, 51 Madison, Tin Lizzy, Barefoot Outfitters, Little Masa and Sunstop. The CollegeTown District is located just two blocks from the Florida State University campus.

Brad Williamson of Berkadia’s Miami office arranged the loan on behalf of Seminole Boosters, the fundraising arm for Florida State University Athletics. Ameris bank provided the 10-year, fixed-rate refinancing, with a 3.66% interest rate.

For comments, questions or concerns, please contact David Cohen

Read More News Stories About: Berkadia
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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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