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May 21, 2019 Comments Off on Aspen Heights & Safanad Secure $92M Refi for 1,653-Bed Portfolio Views: 229 Texas - Other, Texas News

Aspen Heights & Safanad Secure $92M Refi for 1,653-Bed Portfolio

Austin-based Aspen Heights and international partner Safanad obtained $92 million to refinance a three-property, 1,653-bed student housing portfolio spanning three states. The three-year, floating-rate loan will be used to refinance existing construction debt. Doug Opalka, Casey Wenzel and Michael Johnson with HFF’s Austin office led the team in arranging the loan with an institutional lender.

The portfolio delivered between 2017-2018, and consists of:

  • The 717-bed Aspen Houston, 4971 Martin Luther King Blvd., Houston, TX — serving University of Houston
  • The 514-bed Aspen Conway, 2251 US-501 East, Conway, SC — serving Costal Carolina University
  • The 442-bed Aspen Ames, 3306 Lincoln Way, Ames, IA — serving Iowa State University

“Aspen Heights and Safanad are one of the premier student housing owner/developers in the United States, and this portfolio presents a significant opportunity for value creation for the partnership,” Opalka said. “This was a phenomenal result for all involved.”

Pictured: Aspen Houston

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