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HFF Arranges $100M Capital Stack for Orlando Student Housing MXU
Co-developers, DEVEN, Development Ventures Group, Inc. and Ustler Development, Inc. secured more than $100 million in financing for the development of a mixed-use student housing high-rise project in Downtown Orlando at the UCF/Valencia Campus at Creative Village.
HFF’s Michael Weinberg, Brian Kelly and Mike Higgins worked on behalf of the borrowers to arrange the capital stack, which consisted of a $68.1 million construction loan from PCCP, LLC, $29.9 million in joint venture equity from Halstatt Real Estate Partners, and $5.3 million in sponsor equity contributed by the co-developers. The land was acquired in a separate transaction, which closed on October 25, 2017.
The 15-story project will consist of roughly 600 student housing beds, 11,000 square feet of ground-floor commercial space, 600 parking spaces and 102,500 square feet of space leased long-term to the University of Central Florida and Valencia College for education and education support services.
For comments, questions or concerns, please contact Dennis Kaiser
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- ◦Development