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Webster Bank Provides $63.4 Million Loan For Student Housing In Gainesville Landlord James Patchett

Property Image
FINANCED
$63,400,000
James Patchett
Andrew Glanzman
AG

Florida

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Student Housing
Financed 03/26/2025
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Property Image
FINANCED

Webster Bank Provides $63.4 Million Loan For Student Housing In Gainesville Landlord James Patchett

3600 Southwest 20th Avenue

See Similar Deals
Student Housing
Financed 03/26/2025
James Patchett
Andrew Glanzman
AG
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Student Housing
Transaction Type:Loan

The asset involved in this transaction is student housing located at 3600 Southwest 20th Avenue in Gainesville. The loan amount secured for this property totals $63,400,000.00, financed by Webster Bank.

Summary of transaction details:

  • Property Type: Student Housing
  • Transaction Amount: $63,400,000.00
  • Lender: Webster Bank
  • Landlord: James Patchett - Gilbane Development Co.; Adam Gallistel & Andrew Glanzman - CBRE Investment Management
  • Loan Date: 03/26/2025

The deal involves key representatives including James Patchett from Gilbane Development Co. and Adam Gallistel along with Andrew Glanzman from CBRE Investment Management, who collectively facilitate the landlord's interests in this transaction.

Players

Webster Bank
Webster Bank
LENDER
James Patchett
James Patchett
4 deals$580.4M volume
LANDLORD

Details

FINANCED
IMAGE: Adam Gallistel, James Patchett & Andrew Glanzman DATE: 03/26/2025 ADDRESS: 3600 Southwest 20th Avenue MARKET: Gainesville ASSET TYPE: Student Housing ~ UNITS: 352 ~ BEDS: 702 LENDER: Webster Bank (@WebsterBank) LANDLORD: James Patchett - Gilbane Development Co.; Adam Gallistel & Andrew Glanzman - CBRE Investment Management LOAN AMOUNT: $63,400,000 NOTE: Gilbane Development Co. and CBRE Investment Management secured a $63.4 million loan from Webster Bank to develop Zaya, a 352-unit, 702-bed student housing project in Gainesville, Fla. The five-story community, part of a larger joint venture, is set for completion in summer 2027.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$63,400,000.00

Monthly NOI$422,666.67
Monthly Debt Service$400,731.13
Change in Cash Flow$0.00
Refinance Proceeds$0.00