September 17, 2020
Berkadia has arranged a $23 million loan to refinance a construction loan for CollegeTown II, a mixed-use development consisting of student housing, retail and parking in downtown Tallahassee. The property was completed in 2016 and is fully stabilized. Berkadia also sourced the original construction loan in 2015.
Located at 805 West Madison Street, CollegeTown II consists of five seven-story buildings with 87 units and 198 beds of student housing as well as 23,177 square feet of retail space and a 7-story parking garage with 598 spaces. Retail tenants at the project include Township, 51 Madison, Tin Lizzy, Barefoot Outfitters, Little Masa and Sunstop. The CollegeTown District is located just two blocks from the Florida State University campus.
Brad Williamson of Berkadia’s Miami office arranged the loan on behalf of Seminole Boosters, the fundraising arm for Florida State University Athletics. Ameris bank provided the 10-year, fixed-rate refinancing, with a 3.66% interest rate.
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Tags: Financing, Student Housing
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