Daytona Beach Student Housing Investors Ink $53.7M Refi
L3 Campus and Aureon Partners have obtained a $53.7 million refinancing for the OnShore apartments, a 210-unit/636-bed student housing project near the campus of Embry-Riddle Aeronautical University in Daytona Beach.
A Walker & Dunlop Capital Markets Real Estate Finance led by Will Baker, Mike Shropshire, William Shell, and Doug McDaniel coordinated the 7-year, floating-rate loan with a four-year interest-only period provided by Freddie Mac. Austin Kinn at TSB Capital Advisors consulted on the transaction on behalf of the borrower.
OnShore is a Class A student housing community featuring two-and four-bedroom layouts. Amenities include an infinity pool, fitness center, study areas, a flight simulator, and an on-site shuttle to the nearby Embry-Riddle campus.
The property at 1100 Halifax Medical Center Dr. has maintained 98%+ occupancy since delivery in 2020.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout