Berkadia Commercial Mortgage LLC arranged a $31 million construction loan for a student housing development near Florida State University in Tallahassee.
Brad Williamson, a senior director of Berkadia in the firm’s South Florida office, arranged the loan to finance construction of CollegeTown Phase III, a 308-bed housing development.
“CollegeTown Phase I & II have been a huge success,”
Rendering of CollegeTown Phase III
Williamson said in a prepared statement. “CollegeTown has been completely stabilized since completion,” and it has “the highest rents in the sub-market.”
Developers Alan Hooper and Tim Petrillo of Urban Street Development are developing CollegeTown Phase III, a seven-story student housing project on a 1.7-acre site at the intersection of Lorene and West Madison streets in Tallahassee. The development will encompass 3,550 square feet of retail space and a parking garage with 423 spaces.
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, secured the $31 million construction loan from an unidentified regional bank.