PHOENIX, AZ – TSB Capital Advisors, the national leader in student housing and multifamily real estate advisory services, successfully negotiated financing of The Next, a 165-unit, 551-bed student housing community serving students at the University of West Florida in Pensacola. The financing was arranged on behalf of a joint venture of Harrison Street Real Estate Capital and University Student Living.
The floating rate loan was provided by Trustmark National Bank.
“Trustmark recognized the year-end closing required by the ownership group to refinance the existing construction loan and executed impeccably with the closing occurring ahead of schedule,” said Timothy S. Bradley, founder of TSB Capital Advisors.
With fully furnished two-bedroom and four-bedroom apartments, an excellent selection of first-rate amenities, and a prime location just steps from the University of West Florida campus, The Next is Pensacola’s premier student housing community. The property features a resort-style swimming pool, fitness center, clubhouse and an abundance of on-site parking. In addition to the community amenities, The Next offers a complete furniture package and fully equipped kitchens. Each newly built residence features private bedrooms with individual bathroom suites, and all utilities, including internet and cable, are covered in the tenant’s monthly rent payment.
Harrison Street Real Estate Capital is one of the leading real estate investment management firms exclusively focused on the education, healthcare and storage sectors. Headquartered in Chicago with an office in London, the firm has approximately $17.2 billion in assets under management. University Student Living (USL) 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.
Trustmark Corporation, with approximately $13.5 billion in assets, is a diversified financial services company. Trustmark provides banking, wealth management and risk management solutions through its subsidiaries, including Trustmark National Bank, Trustmark Investment Advisors, Inc. and Fisher Brown Bottrell Insurance, Inc. With locations in Alabama, Florida, Mississippi, Tennessee and Texas, Trustmark has approximately 3,000 associates working to achieve outstanding customer satisfaction by understanding its customers’ businesses and needs, and providing appropriate financial solutions.
TSB Capital Advisors is the national leader in student housing real estate advisory services, and has offices in Phoenix, Arizona (headquarters), and Paoli, Pennsylvania. For the last two years, the firm ranked number 1 in student housing financing volume. Since its creation in 2009, TSB Capital Advisors has helped close more than 235 deals and $13.5 billion in student housing and multifamily transactions.
