Berkadia arranges $31 million construction loan for student housing near FSU

CollegeTown Phase III will have 308 beds, 423 parking spaces and 3,550 square feet of retail

Mar.March 18, 2017 02:15 PM

Berkadia Commercial Mortgage LLC arranged a $31 million construction loan for a student housing development near Florida State University in Tallahassee.

Brad Williamson, a senior director of Berkadia in the firm’s South Florida office, arranged the loan to finance construction of CollegeTown Phase III, a 308-bed housing development.

“CollegeTown Phase I & II have been a huge success,”

Williamson said in a prepared statement. “CollegeTown has been completely stabilized since completion,” and it has “the highest rents in the sub-market.”

Developers Alan Hooper and Tim Petrillo of Urban Street Development are developing CollegeTown Phase III, a seven-story student housing project on a 1.7-acre site at the intersection of Lorene and West Madison streets in Tallahassee. The development will encompass 3,550 square feet of retail space and a parking garage with 423 spaces.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, secured the $31 million construction loan from an unidentified regional bank.

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