PHOENIX, AZ — TSB Capital Advisors, the national leader in student housing real estate advisory services, successfully negotiated financing for the recapitalization of 1047 Commonwealth Avenue, a 180-unit apartment complex located immediately adjacent to Boston University. University Student Living, which completed a renovation and expansion at the site in fall 2016, will continue to act as property manager.
The floating-rate term loan was provided by Capital One via Freddie Mac.
“The financing of 1047 Commonwealth provided a unique challenge to Freddie Mac,” said Timothy S. Bradley of TSB Capital Advisors. “Jonathan Wood and his team at Capital One did a great job working with Freddie Mac as they typically shy away from university master leases that expire within their loan term.”
1047 Commonwealth Avenue is a class “A” boutique apartment complex that immediately abuts Boston University’s main campus and is situated along the city’s light rail public transportation system, known as “The T.” The property features a single-level parking garage, five floors of residential space and 2,890 square feet of retail occupied by the recently opened Caffé Nero. All of the units are studio apartments, with an average floor plan of 340 square feet. The residential component is currently master leased to Boston University, however, University Student Living is looking for a new university tenant for occupancy beginning summer 2018.
University Student Living is the privately owned student housing company of The Michaels Organization. The USL team has completed the acquisition, development and operations of more than $3 billion in student housing projects nationwide. Working in partnership with local, state and federal agencies, as well as nonprofit organizations and universities, Michaels has developed more than 50,000 multifamily units and currently manages 38,000 multifamily units in 34 states, the District of Columbia and the U.S. Virgin Islands.
TSB Capital Advisors is the national leader in student housing real estate advisory services, and has offices in Phoenix, Arizona (headquarters) and Paoli, Pennsylvania. Since its creation in 2009, the firm has helped close more than 180 deals and $8 billion in student housing and multifamily transactions.
