Boca Raton student housing scores $71M refi

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

TRD 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
Mahnaz Zahedi pictured with her parents in 1962 (inset) and  444 E Alexander Palm Road (Getty, Zillow)

Iranian princess sells her waterfront Boca Raton home for $6M

Iranian princess sells her waterfront Boca Raton home for $6M
Hollywood East and Vivian Dimond

Former H3 Hollywood rental tower lands $58M refi ahead of completion

Former H3 Hollywood rental tower lands $58M refi ahead of completion
The Principal Richard Caster, Monica Mayotte and Andrea O’Rourke of Boca Raton City Council, and 2600 North Ocean Boulevard, Boca Raton (Credit: Azure Development)

Appeals court orders another vote on proposed Boca Raton beach duplex

Appeals court orders another vote on proposed Boca Raton beach duplex
Andrew Richardson and 1298 Cocoanut Road (Realtor)

Real estate exec sells Boca Raton home for $5M

Real estate exec sells Boca Raton home for $5M
261 Alexander Palm Rd, Boca Raton (Credit: Google Maps)

Boca Raton mansion sells for $9M

Boca Raton mansion sells for $9M
1889 Sabal Palm Drive and Dr. Lawrence “Scott” and Donna Ennis

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M
Sal Calvino and 2989 Spanish River Road (Linkedin, Realtor)

Soaring: Aviation exec buys waterfront Boca Raton mansion

Soaring: Aviation exec buys waterfront Boca Raton mansion
Prentis Wilson and 1880 Sabal Palm Circle (Realtor)

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion
arrow_forward_ios

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

Loading...