Holliday Fenoglio Fowler, L.P. (HFF) arranged $36.75 million in acquisition and bridge financing for the owner of two student housing properties with a total of 1,356 beds for students in Gainesville.
Boca Raton-based Park Partners Residential acquired the properties, called Campus Club and Gateway at Glades.
Park Partners will use the $36.75 million loan from Resource Real Estate to renovate and re-position Campus Club and Gateway at Glades to compete against newer rental properties in the market.
Campus Club and Gateway at Glades are centrally located near the the University of Florida and Gainesville’s main retail corridor along Archer Boulevard, which is occupied by such retailers as Best Buy, Lowe’s, Publix, Ross Dress for Less, Regal Cinemas, Trader Joe’s and Walmart.
HFF managing director Elliott Throne and associate director Brian Gaswirth led the debt placement team that secured the $36.75 million loan. .
“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 in a prepared statement.