HFF Arranges $134.685M in Sharia-Compliant Equity and Debt for 6-Property, Multi-State Student Housing Portfolio

Feb 26, 2019 04:17 pm

Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged the capital stack of a six-property student housing portfolio totaling 911 units with 2,059 beds in Alabama, Florida, Michigan, New York, Pennsylvania and Texas.

HFF structured the Sharia-compliant joint venture between Vie Management and a Middle Eastern asset manager. In addition, HFF worked on behalf of the new partnership to secure a $75.385 million, 10-year, 65 percent LTV, interest-only loan.

The properties in the portfolio are University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama; University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida; Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan; Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York; Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania; and Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas.

The HFF equity and debt placement team was led by London-based managing director Claudio Sgobba along with licensed local HFF teams in the respective markets, including managing director Matthew Schoenfeldt, a Michigan licensed real estate broker; director Scott Clifton; and senior global capital and equity placement analyst Hank Huang.

“Vie is the first and only lifestyle brand within student housing,” said Vie CEO Ari Rosenblum. “Our objective is to continue to produce technology-rich environments where students can stream and dream, socialize and exercise, all within our best-in-class amenity driven spaces. These acquisitions are new canvases to us; places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.”

“We are extremely excited about our new partnership given it will allow us to create value within a defensible niche,” Rosenblum continued. “With these new acquisitions, we have taken a big first step towards our collective goal of becoming the premier student housing company in the world.”

“It was a privilege to bring together two world-class investment firms as co-owners of this diverse, multi-state, 90-percent-occupied student housing portfolio,” Sgobba said. “We look forward to assisting this new partnership in future transactions as they grow their holdings in the student housing sector.”

Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.

About Vie Management

Vie Management is a privately owned real estate investment company specializing in the financing, acquisition, development and management of student and multifamily housing in the United States. Headquartered in Miami, Florida, Vie has a successful track record of acquiring student and multifamily housing and, through its talented teams, creates a Vie lifestyle of learning, health, social interaction and opportunities for self-improvement for its residents. Vie Management promotes an innovative approach to entrepreneurial creativity, self-expression and wealth creation for all stakeholders. The success of its business depends on the trust and confidence earned from its employees, clients and shareholders as the company strives to cultivate a diverse and talented team to perform at the highest level of customer service and ethical standards.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

Claudio Sgobba
HFF Managing Director
+44 20 7317 3115

Matthew Schoenfeldt
MI Lic. # 6504405163
HFF Managing Director
(312) 528-3650

Olivia Hennessey
HFF Public Relations Specialist
(713) 852-3403