TSB Capital Advisors Closes Six New Student Housing Financings Totaling Over 1,200 Units and 4,170 Beds
SCOTTSDALE, AZ – TSB Capital Advisors, LLC, a leading real estate finance advisory firm, continues a strong start to 2013 by closing six new financings for student housing complexes at campuses stretching from Florida to Oregon. The deals contain more than 1,200 units and 4,170 beds, combined, and further establish TSB Capital Advisors’ three-year track record of working with multiple partners to secure the finest capital solutions in student housing.
The closed transactions include the student housing projects The View at Baylor University in Waco, Texas and 13th and Olive at the University of Oregon in Eugene, both continuing on TSB Capital Advisors’ successful relationship with Kayne Anderson Real Estate Advisors. The View will be 257 units and 718 beds scheduled for delivery in fall 2014. This transaction also marked the company’s third closing with University Student Living and first closing with Copeland Commercial. 13th and Olive, when competed in fall 2014, will have 373 units and 1,301 beds. This transaction is the company’s second closing with the newly formed Capstone Collegiate Communities.
TSB Capital Advisors also consulted on the capital raise for the acquisition of The Courtyards, a 182-unit and 676-bed student housing complex in close proximity to the University of Kentucky in Lexington. This transaction marked the first in the newly formed VerTex-Harrison Street Real Estate Capital partnership by TSB Capital Advisors.
“With the increased interest from capital sources and the growing perception of student housing as a mainstream investment opportunity, there is a wider variety of financing options available now than at any other time in student housing,” said Timothy S. Bradley, principal and founder of TSB Capital Advisors. “In 2013, our consulting services have been sought in conjunction with over 50 student housing deals. As in previous years, we are pursuing and securing the most advantageous terms for our growing client-base with diligence and excitement in 2013.”
Additional 2013 transactions include 490 Fulton Street at Long Island University in Brooklyn. TSB Capital Advisors arranged a non-recourse bank loan for Harrison Street Core Property Fund L.P. to acquire three floors of residential space master leased to Long Island University. The complex includes 66 units and 226 beds, and continues TSB Capital Advisors’ successful relationship with Harrison Street Real Estate Capital.
TSB Capital Advisors also successfully worked with Inland American Communities Group, Inc., on the financing of a two-property acquisition in Florida and North Carolina. The company arranged senior fixed-rate permanent financing through Freddie Mac Seller Servicer PNC Bank for the acquisition of a 149-unit and 554-bed cottage development near North Carolina State University in Raleigh, and arranged senior fixed-rate permanent financing through Freddie Mac Seller Servicer KeyBank for the acquisition of a 178-unit and 710-bed cottage development near Florida State University in Tallahassee.