Berkadia Scores $23 Million Loan for Student Housing Complex at Florida State University

September 14, 2020

Berkadia Scores $23 Million Loan for Student Housing Complex at Florida State University

September 14, 2020

Tallahassee, Fla. (September 14, 2020) – Berkadia announces it has secured a $23 million  loan to refinance a  construction loan for  CollegeTown II, a mixed-use development consisting of student housing, retail and parking located in downtown Tallahassee, Florida. Managing Director Brad Williamson of Berkadia’s Miami office arranged the loan on behalf of Seminole Boosters, the fundraising arm for Florida State University Athletics. CollegeTown II was completed in 2016 and is fully stabilized. Berkadia also sourced the original construction loan in 2015.

Ameris bank provided the 10-year, fixed-rate refinancing, with a 3.66% interest rate.

“The current pandemic has presented challenges for the student housing market and most lenders have been conservative due to potential campuses going virtual,” said Williamson. “Berkadia’s ability to obtain financing for this project is a testament to the strength of the overall CollegeTown project. The asset is fully stabilized and has been a staple to the Florida State University community.”

Located at 805 West Madison Street, CollegeTown II consists of five 7-story buildings with 87 units (198 beds) of student housing, 23,177 square feet of retail and a 7-story parking garage with 598 total spaces. Retail tenants in the project include Township, 51 Madison, Tin Lizzy, Barefoot Outfitters, Little Masa, and Sunstop.

The CollegeTown District is located just two blocks from the FSU campus and steps from from the  Doak S. Campbell, Donald T. Tucker Civic Center and Dick Howser Baseball Stadium. CollegeTown is the heart of game-days, dining, entertainment and year-round festivities for students, locals and alumni alike.

Berkadia Arranges $23M Refi for Florida Student Housing | Multi-Housing News

Berkadia Arranges $23M in financing Loan for Student Housing Community Near Florida State University | REBusiness Online

Berkadia Scores $23M Loan for Student Housing in Tallahassee | Multifamily Press

Berkadia Secures $23 Million Refinance for 198-Bed CollegeTown Student Housing Community at Florida State University | MultifamilyBiz

Berkadia Arranges $23M Refinancing for Florida State Student Housing Property | Connect Media