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Campus Acquisitions Buys Properties for $39M

CHICAGO-The two apartment communities are in Columbia, SC and San Marcos, TX, and both are at least 90% occupied.

By Gina Kenny | Updated on April 08, 2008

CHICAGO-Campus Acquisitions LLC, based here, is buying two student apartment communities with a total of 306 units for about $39 million. The company acquired Sterling by the River, 500 Alexander Road, Columbia, SC, from Houston-based Dinerstein Cos, and acquired Bishop Square, 109 Craddock Ave., San Marcos, TX, from Austin-based Falcon Southwest.

GE Real Estate, headquartered in Norwalk, CT, provided $30.5 million in financing for the acquisitions, which includes $400,000 for repairs, upgrades and new signage, says Lance Wright, Southwest regional director for GE Real Estate. The loan to value for the financing is 78%, meaning a total estimated cost for the two properties of nearly $38.6 million. The term of the loan is three years, with two one-year extensions, and a fixed interest rate of 5.5%, Wright tells GlobeSt.com. James Tramuto, SVP with CBRE Melody Capital Markets, originated the loan on behalf of the new owner.

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