Davie student housing complex has secured a $ 62 million loan to refinance the completed portion of the project and help pay for the final stage of construction.
University Pointe at 6250-6370 Griffin Road got the loan from New York-based Madison Realty Capital, according to Madison’s press release.
Construction of the seventh 96-bed building is underway. According to Josh Zegen, co-founder and senior director of Madison Realty, less than $ 8 million of the loan will be used to complete this phase.
The remainder of the loan was used to pay off the original lender on the first phase – consisting of six buildings, with a total of 781 beds – and recover some of the borrower’s equity, Zegen said.
These buildings and 31,000 square feet of retail stores were completed in 2019, the statement said. They are about 90% occupied, Zegen said.
Property records show that Nob Hill Partners, headed by Michael Konig, owns the property.
The resort offers one, two, three and four bedroom units with washers and dryers as well as shared rentals and shuttles to nearby universities, the statement said.
University Pointe is close to several university campuses in the Davie area. It is approximately 2 miles from the main campus of Nova Southeastern University and the A. Hugh Adams central campus of Broward College. Also north of the student housing complex is the University of Florida-IFAS Fort Lauderdale Academic Research Center; the Davie campus of Florida Atlantic University; and McFatter Technical College and High School, which offers a variety of vocational training programs.
Overall, the student housing real estate market was hit during the pandemic, although Zegen said the University of Pointe has performed well as universities have mostly remained open in Florida.
Among other recent South Florida student housing deals, CA Ventures purchased a student housing complex in downtown Boca Raton near Florida Atlantic University in January for $ 80 million.