Toby Cobb

MIAMI—Locally-based 3650 REIT originated multiple loans in the past 45 days, totaling approximately $315 million. The two largest loans include: a $90 million loan to Nelson Partners Student Housing for the acquisition of Sol Y Luna, a recently constructed, two-building class A-plus student housing complex located at 1031 North Park Avenue and 1020 North Tyndall Avenue in Tucson, Arizona, directly next to the University of Arizona campus; and $37 million to Prime Group to refinance Portofino Cove, a class A, 270-unit multifamily property located at 4135 Umbria Drive in Fort Myers, Fla. Both loans carry terms of 120 months.

"According to recently reported data from CBRE, student housing acquisitions near the NCAA's Power Five universities, which includes The University of Arizona and the Pac-12 Conference, had an average cap rate of 5.40% in the first half of 2019 — 43 basis points lower than cap rates for properties serving schools with non-Division 1 programs," 3650 REIT co-founder and managing partner Toby Cobb tells GlobeSt.com.

Sol Y Luna offers a student-oriented retail component and sits just 36 feet from the University of Arizona campus. The property's two buildings feature fully furnished one-, two-, three-, four- and five-bedroom units, totaling 977 beds. On-site amenities include a rooftop swimming pool, deck, fitness center, yoga and dance studio, hot tub, steam room, fire pits and grills, and state-of-the-art security systems. Sol Y Luna's approximately 7,700 square feet of retail space includes storefronts from top brands including The Steam Studio, Red Mango/Smoothie Factory Juice Bar and Potbelly Sandwich Shop. The property sits just east of Main Gate Square, which is home to many popular shopping, dining and entertainment establishments.