MRC Provides $62M Construction Loan for Student Housing Property in Davie
Real estate private equity firm Madison Realty Capital has provided a $62 million bridge and construction loan for the refinancing and development of University Pointe, an 877-bed student housing property located in Davie.
University Pointe is centrally located for students in the South Florida Education Center consortium of higher education institutions, which includes Nova Southeastern University, Broward College, a University of Florida extension campus, Florida Atlantic University-Broward and McFatter Technical College. The project is being developed in two phases with the first 781 beds and 31,000 square feet of retail space completed in 2019. The second phase is scheduled to deliver 96 beds and bring the seventh, 4-story elevatored building to the property. University Pointe consists of one, two, three and four-bedroom units with washers and dryers in every unit.
“This transaction highlights Madison’s ability to serve as a single-source lender and provide a hybrid bridge and construction financing solution at a competitive 4.5% rate,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “The immediate area is home to more than 56,000 students across five higher education institutions but lacks meaningful supply of purpose-built student housing accommodations. We are pleased to support the completion and future stabilization of University Pointe, the only dedicated student housing option in the area, which will benefit both students, universities and the surrounding community.”
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.