HFF arranges $21.75 million acquisition financing for student housing community in Greenville, North Carolina
HFF announced today that it has arranged $21.75 million in acquisition financing for Pirate’s Cove, a 264-unit, 1,056-bed student housing community near East Carolina University (ECU) in Greenville, North Carolina.
- May 09, 2012
INDIANAPOLIS, IN – HFF announced today that it has arranged $21.75 million in acquisition financing for Pirate’s Cove, a 264-unit, 1,056-bed student housing community near East Carolina University (ECU) in Greenville, North Carolina.
HFF worked on behalf of the borrower, a joint venture between The Scion Group and Virtus Real Estate Capital, to secure the 10-year, fixed-rate loan through Freddie Mac. The financing will be securitized through Freddie Mac’s CME Program. HFF will also service the loan through its Freddie Mac Program Plus® Seller/Servicer program.
Pirate’s Cove is located at 3305 East 10th Street approximately two miles from East Carolina University. Built in 2000, the property sits on 55-acres of land and has all four-bedroom, four-bath units. The Scion Group has plans for $2 million in interior upgrades to the property, which are scheduled for completion in 2013. The community is served by a dedicated University-operated shuttle bus and community amenities include two clubhouses, two swimming pools, three sand volleyball courts, basketball court, tennis court, fitness center and tanning salon.
The HFF team representing the borrower was led by senior managing director Dave Keller.
Founded in 1999, The Scion Group is a real estate services partner to higher education institutions, foundations and private-sector providers of student housing. The company is a recognized leader in facility and strategic planning, market studies, operations assessments, development consulting and complete property management.
Virtus Real Estate Capital is a private equity real estate fund sponsor headquartered in Austin, Texas. Virtus manages a number of funds targeting student housing, self-storage, medical office and senior housing. The joint venture investment, the second with the Scion Group, was made through Virtus Student Housing, LP, a dedicated student housing fund investing throughout the U.S.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 20 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing.