Highland Realty Capital secured a $10.3mm bridge loan for a 168-unit, 644 bed student housing property in Morgantown, WV on behalf of Orange County based NB Private Capital. The 2-year loan is structured to roll into a FNMA DUS perm loan upon stabilization.
The $15mm acquisition by NBCP is their first since splitting from Nelson Brothers earlier this year. The property was built in 2002 and they plan on completing $1.58mm in interior and exterior renovations over the next year. “It is the closest off campus student housing project in Morgantown but it is need of the typical unit and common area amenity upgrades that students are looking for today,” says Mike Guterman, Principal at Highland who arranged the financing.
NBCP has an existing portfolio of 21 properties consisting of 4,588 beds. Most recently, they have commenced a $3mm renovation at the 971-bed Campus Commons at Washington State University.
About Highland Realty Capital
Highland Realty Capital (HRC) is a leading commercial real estate financing firm, with offices in Los Angeles and San Francisco, serving developers, owners and investors in Western U.S. markets. The firm’s principals have expertise with structuring and arranging all types of debt—construction, bridge mezzanine and permanent loans, equity financing, and workouts—and work with capital sources and lenders nationwide to provide clients with the most competitive and flexible financing options available for all types of commercial real estate projects and transactions. The collective depth and breadth of their experience and longstanding capital relationships has provided Highland Realty with a successful track record for financing certainty, flexibility in structuring deals and delivering value and client support. Over the last decade, the firm has completed in excess of $6 billion in transactions including office, industrial, retail, hospitality, multi-family, mixed-use and residential development.
About NB Private Capital, LLC
NB Private Capital, LLC, offers individual investors direct ownership interests in institutional quality, professionally managed real estate. The company, recently founded by Brian Nelson, focuses on well-positioned, income producing properties, targeted growth opportunities and value-added investments for its clients through capital improvements, cost efficiency, and revenue maximization. NB Private Capital specializes in the acquisition, financing, and ownership of real estate investments in the niche area of student housing. NBPC currently manages over $500 million in multi-family housing real estate.