CBRE Secures $19 Million in Financing for UCSB Student Housing

CBRE has secured an $18.5 million loan for The Hive Isla Vista, a five-property student housing portfolio near the UCSB campus in Santa Barbara, CA.

CBRE’s Brad Wilmot arranged the floating rate loan with a three-year initial term on behalf of the borrower, M&A Real Estate Partners, a Los Angeles-based real estate investment firm.

The portfolio totals 35,868 square feet of space across the five properties, all within walking distance of the campus. Community amenities include fitness centers, gated access and swimming pools.

Originally founded in 1891, University of California, Santa Barbara is one of the 10 campuses of the University California system. The university has experienced a large increase in student interest in the last five years, with the number of freshman applicants increasing 39.8 percent from 66,809 in 2014 to 93,423 in 2019.

According to Wilmot, “Santa Barbara is a very strong housing market with high demand and significant barriers to entry. The portfolio has experienced extremely high occupancy, is very well-maintained and benefits from strong ownership and management.”

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