Square Mile Capital Management LLC announced that it originated a $71 million loan secured by University Park, a 598-bed student housing property located in Boca Raton, FL.
The loan was made to a joint venture between Investcorp and The Preiss Company to refinance the off-campus student housing asset.It was arranged by Michael Gigliotti and Jesse Wright of JLL’s New York and Miami offices.
Square Mile Capital Principal Eric Cohen said, “University Park, which primarily serves housing needs of Florida Atlantic University and Lynn University attendees, is well positioned as the area’s highest quality student housing option. In addition to the superior attributes of the property itself, we saw a very compelling opportunity to establish a lending relationship with the Investcorp and The Preiss Company team, which combines global investment capabilities with the expertise ofone of the nation’s top student housing owner-operators.”
Sitting just a half mile from Florida Atlantic University’s main campus, University Park provides its student tenants a best-in-class off-campus living experience with amenities including fully-furnished units, in-unit washer/dryers, gated security, shuttle services to neighboring campuses, a 24/7 sundry market, a resort-style pool, a two-story fitness center and an outdoor turfed courtyard. It was completed in 2015 and acquired by the joint venture in 2016.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. Square Mile Capital’s equity platform serves as a partner of choice for opportunistic and value add real estate investments across all property types. By identifying the impact of long-term trends on real estate values, the firm focuses on key investment themes and investment structuring in order to maximize risk-adjusted investment returns. For more information, visit www.squaremilecapital.com.
