TSB Capital Advisors closes six new student housing financings
TSB Capital Advisors, a real estate finance advisory firm, has closed 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 View at Baylor University in Waco, Texas. TSB Capital Advisors consulted on the capital raise for the development of this 257-unit and 718-bed student housing project scheduled for delivery in autumn 2014. This transaction marked the company's third closing with University Student Living, first closing with Copeland Commercial and continued its relationship with Kayne Anderson Real Estate Advisors.
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," says 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, New York. TSB Capital Advisors arranged a non-recourse bank loan for Harrison Street Core Property Fund LP to acquire three floors of residential space master leased to the 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 consulted on the capital raise for the acquisition of 13th and Olive at the University of Oregon in Eugene, a 373-unit and 1,301-bed student housing project with 114 units and 381 beds scheduled for delivery in autumn 2013 and the remaining scheduled for delivery in autumn 2014. This transaction marked the company's second closing with the newly formed Capstone Collegiate Communities and continued its successful relationship with Kayne Anderson Real Estate Advisors.
Finally, TSB Capital Advisors successfully worked with Inland American Communities Group 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.