TSB Capital Advisors Closes Student Housing Complex at USC
TSB Capital Advisors, a real estate finance advisory firm, today announced that is has closed on an acquisition loan on behalf of Kayne Anderson Real Estate Advisors, LLC for West 27th Place, a class “A” 161 unit / 380 bed student housing development near the University of Southern California. Developed by Symphony and CityView, West 27th Place opened its doors for the fall 2011 semester. In addition to 392 beds in units featuring high-quality amenities and finishes, the property encompasses 10,000 square feet of ground-level retail space.
The high quality amenities include a 24-hour state-of-art fitness center with tanning beds and a resort-quality saltwater pool and spa. The building is equipped with private study rooms on each floor, a 24-hour computer lab and a furnished game room with game tables and 50-inch flat screen televisions.
Unlike all other USC student resident facilities, West 27th Place’s units all come with a full-size washer and dryer. Units also feature gourmet kitchens with full appliance packages, granite countertops and custom cabinetry and finishes. The apartments all have nine-foot ceilings and ample closet space and select units have walk-in or step-in closets. Approximately 95 percent of the units are furnished with a sofa, coffee table and entertainment center in the living area.
“Given the fact that West 27th Place is the only purpose-built, mixed-use student housing community located near a major university in a major CBD costal city and the buyer was Kayne Anderson, many lenders were vying for the financing,” said Tim Bradley, President of TSB Capital Advisors. “In the end, KeyBank and Fannie Mae came through with the most competitive and flexible financing of all lenders.” The 10 year, fixed rate, non-recourse loan was competitvely priced and came with 24 months of interest only.