HFF arranges $36.75 million financing for 2 University of Florida student housing communities
MIAMI, FL – March 15, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $36.75 million in acquisition and bridge financing for Campus Club and Gateway at Glades, a 1,356-bed student housing portfolio serving the University of Florida in Gainesville, Florida.
HFF worked on behalf of Park Partners Residential (Park Partners) to secure the loan, which was provided by Resource Real Estate (Resource). Park Partners Residential will renovate and reposition the properties to compete against newer assets in the market.
Campus Club and Gateway at Glades are strategically and centrally located near the University of Florida proximate to Gainesville’s main retail node, Archer Boulevard, which includes a strong roster of retailers catering to university students such as Walmart, Lowe’s, Publix, Best Buy, Trader Joe’s, Regal Cinemas, Best Buy and Ross Dress for Less. The University of Florida, a Tier One school, is one of the largest universities in the southeast boasting an enrollment of more than 50,000 students for the past 10 years.
The HFF debt placement team was led by managing director Elliott Throne and associate director Brian Gaswirth.
“Resource provided an advantageous financing structure that will allow Park Partners to use their expertise in the development and repositioning of student housing projects to, once again, make these properties popular destinations for students attending the surrounding Gainesville schools,” Throne said.
About Park Partners Residential
Park Partners Residential is based in Boca Raton and was founded in 2014 with the intent of developing and acquiring assets throughout Florida. With that strategy in mind, they assembled a team of multifamily professionals that had years of experience operating in Florida markets with knowledge of a variety of product types and coupled that with cutting edge technology. The firm also focuses on asset management and construction management services. The leadership team at Park Partners Residential is comprises executives with individual strengths and over 100 years of experience in real estate united to deliver a preeminent management team. Visit parkpartners.com for additional information.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.