Wichita State University student housing community secures $11.8M in financing
JLL Capital Markets arranged the refinancing of the 192-unit / 504-bed 2909 Oliver in Wichita, Kansas
CHICAGO, Jan. 29, 2024 – JLL announced today that it has arranged the $11.8 million refinancing of 2909 Oliver, a 192-unit / 504-bed student housing community located at Wichita State University in Wichita, Kansas.
JLL represented the borrower, Calidus to secure the five-year, fixed-rate loan through through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.
Managed by The Preiss Company, the 2008-built property features two-bedroom and three-bedroom units with bed-bath parity, walk-in closets, spacious kitchens, faux wood flooring and in-unit washers and dryers. Community amenities include a pool, a 24-hour fitness center, a game room lounge, a study library, a volleyball court, a basketball court and picnic areas.
Situated at 2909 N Oliver St., the community is located less than a mile from Wichita State University’s campus and its approximately 17,018 students. Additionally, the property is six miles to downtown Wichita.
“This is a property that has consistently performed well with strong on-site management and a focused ownership group," commented Calidus’ CEO Jonathan Cameron-Hayes, “We are committed to investing additional capital expenditures to give our residents a good experience at 2909 and all our other properties.”
The JLL Capital Markets Debt Advisory team was led by Senior Director Dan Kearns, Closer Patricia Heminger and Analysts Dave Hunter and Katia Novi.
“As a result of the strong sponsorship and incredible property performance since 2909 Oliver was acquired by Calidus 10 years ago, Freddie Mac was able to provide very compelling five-year, fixed-rate financing,” said Kearns.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Calidus
Calidus is a managing partner and operator of commercial real estate assets in the United States. Calidus and its principals have operated in the real estate market since 1983 and have owned and managed a $300 million office portfolio in excess of 2.5 million square feet of primarily office, throughout the Southeast. Since 2013, Calidus with its partners have closed $140 million of purpose built student housing properties and $100 million of self storage facilities.