Boca Raton student housing scores $71M refi

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

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.

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