MIAMI—A mixed-use student housing high-rise project in Downtown Orlando at the UCF/Valencia Campus at Creative Village has won the confidence of investors. HFF arranged more than $100 million in financing for the project.
The HFF team worked on behalf of the co-developers, DEVEN – Development Ventures Group, (formerly known as KUD International LLC) and Ustler Development, to arrange the capital stack. The stack consisted of a $68.1 million construction loan from PCCP, $29.9 million in joint venture equity from Halstatt Real Estate Partners and $5.3 million in sponsor equity contributed by the co-developers.
The HFF team included senior managing director Michael Weinberg, managing director Brian Kelly and director Mike Higgins. The land was acquired in a separate transaction, which closed in October.
“This project is such an important catalyst for the growth of Downtown Orlando and our region as a whole,” Weinberg tells GlobeSt.com. HFF arranged financing for several deals from July 2012 to the end of June 2017 representing about 2 million square feet in the Downtown Orlando market for several properties, including the GAI Building, Grand Bohemian Hotel Orlando, Paramount on Lake Eola and NORA Apartments.
The 15-story student housing project will include approximately 600 beds, 11,000 square feet of ground-floor commercial real estate space, 600 parking spaces and 102,500 square feet of space leased long-term to the University of Central Florida and Valencia College for education and education support services.
Valencia's education space will include its hospitality and culinary arts programs. Completion of the project is scheduled for August 2019 and will coincide with the opening of the UCF/Valencia Downtown Campus at Creative Village, which will initially serve 8,000 students, faculty and staff.
“The Student Housing Project will anchor the key intersection of Livingston Street and Terry Avenue, and represents the emerging trend of urban, mixed-use, integrated campus buildings,” says Craig Ustler, president of Ustler Development. The project is located at the northwest corner of Livingston Street and Terry Avenue, with future phases to include roughly 600 to 900 additional beds on the adjacent land parcel to the west.
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