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$135M Sharia-Compliant Financing Arranged for Multi-State Student Housing Portfolio
HFF arranged the capital stack for a six-property student housing portfolio totaling 911 units with 2,059 beds in Alabama, Florida, Michigan, New York, Pennsylvania and Texas. The Sharia-compliant joint venture was structured between Miami-based Vie Management and a Middle Eastern asset manager.
HFF also worked on behalf of the new partnership to secure a $75.385 million, 10-year, 65% LTV, interest-only loan. HFF’s equity and debt placement team included Claudio Sgobba, Matthew Schoenfeldt, Scott Clifton and Hank Huang.
The properties in the 90%-occupied portfolio are University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, AL; University View, a 55-unit property serving Florida Atlantic University in Boca Raton, FL; Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, MI; Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, NY; Southgate Apartments, a 151-unit property serving Penn State University in State College, PA; and Ella Lofts, a 75-unit property serving Texas State University in San Marcos, TX (pictured).
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition

