TALLAHASSE, FL-Centerline Capital Group just closed a duo student housing refis in Tallahassee. The firm provided a $2.4 million Fannie Mae DUS facility to refinance University Gardens II and Cottages at Magnolia.

The assets are non-contiguous multifamily student housing properties located within one quarter mile of each other. Florida State University is 3.2 miles and Florida Agricultural and Mechanical University is 0.9 miles northwest of the facilities, which were recently rehabbed and leased up.

“There is always competition for student properties near large and established universities,” Steven Cox, senior vice president of Commercial Real Estate at Centerline, tells GlobeSt.com. “These properties are often viewed as recession proof because going to college in this day and age is no longer an option, but a necessity. Lenders are definitely getting back in the market, which could spur some new development, as well as increased sales with rehab.”