Indianpolis office of HFF secures refinancing dollars for student housing at University of Illinois
November 30, 2010 | Staff Writer | Print Article | Email this Article
Village at Colbert Park
The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) recently secured more than $25 million in refinancing for The Village at Colbert Park, a 279-unit/699-bed luxury off-campus student housing community serving students attending The University of Illinois in Champaign, Ill. HFF completed the financing on behalf of its client, an affiliate of student housing developer and operator, Trinitas Ventures.
HFF managing director Jon Everson worked to arrange permanent financing that refinanced the borrower’s construction/mini-perm bank loan. The 10-year fixed-rate loan was provided by M & T Realty Capital Corporation – Fannie Mae. Debt service payments are based on interest-only for the first two years followed by a 30-year amortization.
The Village at Colbert Park, completed in 2007, features a clubhouse with recreation room, fitness center, spa and tanning facility, computer/business center, swimming pool and basketball and volleyball courts. The Village at Colbert Park also provides residents with shuttle bus service to and from The University of Illinois’ campus.
Tags | Champaign, financing, HFF, Holliday Fenoglio Fowler, Illinios, Indiana, Indianpolis, multi-family, student housing
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