WFI Secures $38M Refi to Alabama Student Housing Community
2 min read
Seven Hills Realty Trust arranged financing for the property.
WFI is a Boston boutique investment firm that has obtained a $37.5-million bridge loan to finance The Union at Auburn in Auburn, Ala. Seven Hills Realty Trust a mortgage REIT, managed by Tremont Realty capital, provided the 30-month funding, with an option for a 12-month extension.
The Class A property will be completed in 2020. It comprises 140 units, with floor plans ranging from two to six bedrooms, with sizes varying between 797 and 2,213 square foot. All units are equipped with granite countertops, stainless steel appliances and laundry facilities in the unit. The amenities include a fitness center with a two-story building, a clubhouse, swimming pool, bdi center, study rooms and an outdoor kitchen. Campus Style is responsible for managing the property.
The community, located at 900 W. Glenn Ave. is approximately 1.5 miles north of Auburn University and Jordan-Hare Stadium. Within a mile, you will find the Auburn city center as well as a variety of dining, entertainment, and retail options.
Yardi Matrix shows that 26 properties, totaling nearly 13,640 rooms, are currently serving students at Auburn University. According to the same data provider, construction is currently underway on a project that will add 522 new rooms to the inventory.
Tom Lorenzini said that Seven Hills Realty Trust is focused on investing in opportunities with attractive returns and risk adjusted, according to prepared remarks. The company, working on behalf of Centurion Property Group, closed a $37.3-million floating-rate loan in 2013 for Aspen Heights a 958 bed student housing property located in Starkville.
