Daytona Beach Student Housing Investors Ink $53.7M Refi

L3 Campus and Aureon Partners have obtained a $53.7 million refinancing for the OnShore apartments, a 210-unit/636-bed student housing project near the campus of Embry-Riddle Aeronautical University in Daytona Beach.

A Walker & Dunlop Capital Markets Real Estate Finance led by Will Baker, Mike Shropshire, William Shell, and Doug McDaniel coordinated the 7-year, floating-rate loan with a four-year interest-only period provided by Freddie Mac. Austin Kinn at TSB Capital Advisors consulted on the transaction on behalf of the borrower.

OnShore is a Class A student housing community featuring two-and four-bedroom layouts. Amenities include an infinity pool, fitness center, study areas, a flight simulator, and an on-site shuttle to the nearby Embry-Riddle campus.

The property at 1100 Halifax Medical Center Dr. has maintained 98%+ occupancy since delivery in 2020.