MIAMI—It's the first purpose built, off campus student housing deal catering to Florida Atlantic University (FAU). Mutual of Omaha Bank closed construction financing for the developers of University Park, a planned 159-unit/599-bed student housing community in Boca Raton, FL.

HFF worked exclusively on behalf of the borrower, a partnership between Rosemurgy Properties, Giles Capital Group, and Lewis Rental Properties, to secure the three-year loan. Financial terms of the deal were not disclosed.

“This project will dramatically enhance the quality of product available to students in Boca Raton and is well positioned to take advantage of the significant growth and momentum we are seeing at the local college and universities,” Elliot Throne, a director at HFF, tells GlobeSt.com. Throne worked with HFF director Adam Herrin, along with senior real estate analyst Scott Wadler, to arrange the financing.