Commercial Street Partners Secures $97.45M Refinance Loan For 576-Bed Student Housing In Tampa
311 North Newport Avenue
$97,450,000
Building Size
—
Asset Type
Student Housing
Closing
May 5, 2025
AI
The transaction involved a 576-bed student housing project located at 311 North Newport Avenue in the Tampa market. The asset is known as Apella on Newport and is designed to cater to the increasing off-campus housing demand driven by the growth in university enrollment. A refinance loan amounting to $97,450,000 was secured to facilitate the financing of the property.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $97,450,000
- Loan Type: Refinance
- Loan Terms: three-year, floating-rate
- Lender: MF1/Limekiln Real Estate Investment Management
- Landlord: Commercial Street Partners, LLC
- Brokers: Jade Starkey, Lee Weaver, Melissa Marcolini Quinn & Rob Rothaug - JLL
JLL Capital Markets played a key role in arranging the refinancing loan for Commercial Street Partners. The notable individuals involved in this transaction include Jade Starkey, Melissa Marcolini Quinn, Rob Rothaug, and Lee Weaver, who represented the interests of Commercial Street Partners in this financing deal.
Players
Tampa Student Housing Market Snapshot
Boundary boundary · Student Housing · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93