Two student housing properties secure $25M in financing

CHICAGO, Jan. 29, 2024 – JLL announced today that it has arranged the $25 million refinancing for two top-performing student housing communities, including Gamecock Village in Jacksonville, Alabama (Jacksonville State University) and Mustang Village in Wichita Falls, Texas (Midwestern State University).

JLL represented the borrower, Calidus, to secure the loan through Deutsche Bank CMBS.

“We were pleased to complete this transaction with JLL’s assistance. These are great assets and will continue to perform well with our strong management and ownership team,” said Calidus’ CEO Jonathan Cameron-Hayes.

Built in 2008, Mustang Village is located less than a mile from the campus of Midwestern State University. The property sits directly between Oklahoma City and the DFW metroplex. Gamecock Village is positioned a few blocks from the campus of Jacksonville State University and serves as the largest non-university owned student housing property in the market. The property was originally built in 2008 and was fully renovated in 2018.

Both communities feature 192 units and 504 beds and offer two- and three-bedroom floorplans with bed-bath parity, walk-in closets, spacious kitchens, faux wood flooring and in-unit washers and dryers. Community amenities include a resort-style pool, a 24-hour fitness center, a game room lounge, a study library, a sand volleyball court, a basketball court and picnic areas.

“Given the minimal new supply the past several years in these markets, along with the properties’ strong ownership and management provided by The Preiss Company, Gamecock Village and Mustang Village have had consistent success, which improves further year in and year out,” said Kearns. “Both this proven track record of sponsorship and the properties enabled a five-year, fixed-rate CMBS execution.”

The JLL Capital Markets Debt Advisory team was led by Senior Director Dan Kearns, Closer Patricia Heminger and Analysts Dave Hunter and Katia Novi.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

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