Boca Raton student housing scores $71M refi

Nearly 600-bed complex sold for $70M in 2016

Miami /
Jan.January 09, 2020 10:30 AM
University Park and Square Mile Capital CEO Craig Solomon (Credit: Zillow)

University Park and Square Mile Capital Management CEO Craig Solomon (Credit: Zillow)

A student housing complex in Boca Raton closed on a $71 million refinance, The Real Deal has learned.

A joint venture between Investcorp and The Preiss Company secured the loan from Square Mile Capital Management for University Park, near Florida Atlantic University.

The 11-acre complex, at 135 Northwest 20th Street, has eight, four-story buildings with 159 units and 598 beds. It was completed in 2015.

Rosemurgy Properties sold University Park to the joint venture in 2016 for $70 million, as part of a three-property sale for a combined $105.25 million.

JLL’s Michael Gigliotti and Jesse Wright arranged the refinancing, according to a press release.

University Park features a resort-style pool, a two-story fitness center and an outdoor courtyard. Units include washers and dryers and furnishings.

Investcorp, based in Bahrain, is an investment manager with offices in New York, London, Bahrain, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore. It had $28.2 billion in assets under management as of June 30.

In 2016, Investcorp also purchased University View, a 55-townhome community adjacent to FAU for $20.5 million, as well as a 90-unit low-rise apartment complex at 200 Northeast 20th Street for $15 million.

Investors are continuing to purchase and develop properties in Boca Raton. In December, Blue Sky Hospitality bought the Embassy Suites by Hilton at 661 Northwest 53rd Street, right off of I-95 and West Yamato Road, for $29.5 million.


Related Articles

arrow_forward_ios
404 East Coconut Palm Road in Boca Raton (Google Maps, Getty)
Waterfront Boca Raton spec mansion sells for $19M
Waterfront Boca Raton spec mansion sells for $19M
River Landing Shops and Residences with Andrew Hellinger and Coralee Penabad of Urban-X Group (UrbanX)
Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
Miami skyline
South Florida home sales keep falling as price growth slows
South Florida home sales keep falling as price growth slows
Dr. Steven Scott and Rebecca Scott with 500 East Alexander Palm Road (Google Maps, Getty, Duke)
Wealth adviser pays record $26M for waterfront Boca Raton spec mansion
Wealth adviser pays record $26M for waterfront Boca Raton spec mansion
(Illustration by The Real Deal with Getty)
“It’s not dead, it’s just different.” South Florida resi slowdown persists
“It’s not dead, it’s just different.” South Florida resi slowdown persists
Danielle Hale
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future
From left: Ansorg Development's Karl-Ulrich Ansorg, Tulip Group's Kobi Elbaz, Ofir Gabriel, and Amit Kort in front of 234-264 Northeast 34th Street in Miami (Getty, Google Maps, YouTube/Tulip Group Thailand, usbotschaftberlin, Public domain - via Wikimedia Commons)
Inside look at planned Edgewater mixed-use condo tower
Inside look at planned Edgewater mixed-use condo tower
Florida Atlantic University processor Ken Johnson and Brown Harris Stevens' Sheila Rojas (Florida Atlantic University, Brown Harris Stevens, Getty)
Record rent hikes had slowed. Ian may change that
Record rent hikes had slowed. Ian may change that
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...