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L3 Campus Secures $83M Acquisition Loan For Nine At Central Student Housing

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FINANCED
$83,000,000

Florida

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Senior Housing
Financed 05/15/2024
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Property Image
FINANCED

L3 Campus Secures $83M Acquisition Loan For Nine At Central Student Housing

12155 Science Drive

See Similar Deals
Senior Housing
Financed 05/15/2024
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Summary

FLORIDA
Asset Type:Senior Housing
Transaction Type:Loan

The property involved in the transaction is a senior housing asset located at 12155 Science Drive in Orlando. The asset consists of 201 units with a total of 764 beds spread across 3 acres. L3 Campus, owned by David Salmanson, is the landlord of this senior housing property.

Summary of transaction details:

  • Property Type: Senior Housing
  • Transaction Amount: $83,000,000
  • Units: 201
  • Beds: 764
  • Acres: 3
  • Address: 12155 Science Drive
  • Market: Orlando

TSB Capital Advisors played a crucial role in arranging an $83 million acquisition loan from quadreal-property-group-62d90bb3-dcc5-49c5-aa27-aea336266e36-duplicate''>QuadReal Property Group for the purchase of the Nine at Central property by L3 Campus near the University of Central Florida. The student housing community, completed in 2023, offers various amenities such as a swimming pool, fitness center, and study pods. Situated within 2 miles of UCF's Orlando campus, the property provides a convenient and modern living space for students.

Players

LENDER

Details

FINANCED
IMAGE: David Salmanson DATE: 05/15/2024 ADDRESS: 12155 Science Drive MARKET: Orlando ASSET TYPE: Senior Housing ~ UNITS: 201 ~ BEDS: 764 ~ ACRES: 3 LENDER: QuadReal Property Group LANDLORD: David Salmanson - L3 Campus BROKER: TSB Capital Advisors LOAN AMOUNT: $83,000,000 LOAN TYPE: Acquisition Loan LOAN TERMS: 5-year, fixed rate NOTE: L3 Campus purchased Nine at Central, a 201-unit luxury student housing community near the University of Central Florida, with an $83 million loan arranged by TSB Capital Advisors. The property, completed in 2023 by Scannell Properties and 908 Group, offers amenities like a swimming pool, fitness center, and study pods, and is located within 2 miles of UCF's Orlando campus.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$83,000,000.00

Monthly NOI$553,333.33
Monthly Debt Service$524,616.46
Change in Cash Flow$0.00
Refinance Proceeds$0.00