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RIVERSIDE, CA-Parkside Village Apartments LLC sold their 304-unit multifamily property located in Riverside, CA to the ColonyStudent Housing LLC, after converting the property to a 1,056-bed student housing property. The property is located at and serves California Baptist University here.
Mark Illsley of Oregon Commercial Realty and two associates with Land Advisors Capital represented the seller and the buyer in the $33-million sale and purchase of the converted multi-family property using California Tax Exempt bonds and a small amount of revolving debt. The bonds were funded in what was described as “record time,” which was less than 90 days after Zion’s Bank was selected as the bond placement agent.
Issuing California Tax Exempt bonds can take six to nine months if the borrower has to establish a 501C3 entity and has never approached the bond market, according to a prepared statement. In this transaction the owner of Colony Student Housing LLC was a 501C3 entity and “had a very experienced team of attorneys and internal staff to achieve this transaction in about 75 days.”
Illsley has represented and assisted the owner of the Colony Student Housing LLC in the purchase of several properties over the last decade including office, retail, and multifamily for the benefit of the California Baptist University’s growth and expansion process, according to a prepared statement.
The statement points out that CBU had record enrollment for the Fall 2011 semester with 5,413 students which is expected to be broken with over 6,000 students anticipated to enroll in the Fall 2012 semester.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
