Torchlight Investors Provides $30.3 Million of Acquisition Financing on a Student Housing Portfolio

 
 
Spread the Word
Listed Under

Tags:
Torchlight Investors
Student Housing
Penn State
Bloomsburg
Senior Mortgage

Industrys:
Finance
Real Estate

Location:
Pennsylvania - US

Feb. 24, 2014 - PRLog -- Torchlight Investors today announced that it has provided $30.3 million of senior mortgage and preferred equity acquisition financing on a portfolio of Class A student housing complexes located at three separate universities in Pennsylvania.  The loans will be held in the portfolio of Torchlight Debt Opportunity Fund IV – the seventh opportunistic/value-add fund launched by Torchlight to target commercial real estate debt investments. Focused on select value-add and opportunistic investment opportunities in secondary and tertiary markets, Torchlight has originated and acquired over $500 million in real estate loans over the last 12 months.

The portfolio consists of over 1,000 beds across 31 separate buildings at Penn State’s main campus in State College, PA (University Park), Bloomsburg University in Bloomsburg, PA, and Behrend College (Penn State Erie) in Erie, PA.  Each property is located within walking distance to campus and has strong student demand, as demonstrated by the portfolio-wide occupancy of 98%.  Each complex offers high quality, fully furnished units with single occupancy bedrooms, common area space and fully equipped kitchens.  Certain complexes also include amenities such as fitness centers, student lounges, and laundry facilities.

The properties are owned by a highly experienced owner and operator who manages over 6,000 beds across 34 student housing complexes within the State of Pennsylvania, and has an exceptional track record in commercial properties that spans more than thirty years.

“Continued increase in student university enrollment, combined with increasing cutbacks of state funding to public universities has led to a steady expansion in demand for private student housing. Assets that are well located in supply constrained markets represent attractive investment opportunities” said Steve Schwartz, Managing Director of Acquisitions.

Contact
Torchlight Investors
2128832773
***@torchlightinvestors.com
End
Source:
Email:***@torchlightinvestors.com Email Verified
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Torchlight Investors PRs
Trending News
Top Daily News
Top Weekly News



Like PRLog?
9K2K1K
Click to Share