{"id":1004040172,"date":"2012-05-09T12:51:59","date_gmt":"2012-05-09T20:51:59","guid":{"rendered":"https:\/\/test.commercialsearch.com\/news\/?p=1004040172"},"modified":"2022-12-04T20:39:10","modified_gmt":"2022-12-05T04:39:10","slug":"hff-arranges-21-75-million-acquisition-financing-for-student-housing-community-in-greenville-north-carolina","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-arranges-21-75-million-acquisition-financing-for-student-housing-community-in-greenville-north-carolina\/","title":{"rendered":"HFF arranges $21.75 million acquisition financing for student housing community in Greenville, North Carolina"},"content":{"rendered":"<div><span style=\"font-family: Calibri, sans-serif;font-size: x-small\"><span style=\"font-size: x-small\"><strong>INDIANAPOLIS, IN<\/strong><\/span><span style=\"font-size: x-small\">\u00a0\u2013 HFF announced today that it has arranged $21.75 million in acquisition financing for Pirate\u2019s Cove, a 264-unit, 1,056-bed student housing community near East Carolina University (ECU) in Greenville, North Carolina.<\/span><\/span><\/div>\n<div><span style=\"font-family: Calibri, sans-serif;font-size: x-small\"><span style=\"font-size: x-small\">HFF worked on behalf of the borrower, a joint venture between The Scion Group and Virtus Real Estate Capital, to secure the 10-year, fixed-rate loan through Freddie Mac.\u00a0 The financing will be securitized through Freddie Mac\u2019s CME Program.\u00a0 HFF will also service the loan through its Freddie Mac Program Plus\u00ae Seller\/Servicer program.<\/span><\/span><\/div>\n<div><span style=\"font-family: Calibri, sans-serif;font-size: x-small\"><span style=\"font-size: x-small\">Pirate\u2019s Cove is located at 3305 East 10<\/span><span><sup>th<\/sup><\/span><span style=\"font-size: x-small\">\u00a0Street approximately two miles from East Carolina University.\u00a0 Built in 2000, the property sits on 55-acres of land and has all four-bedroom, four-bath units.\u00a0 The Scion Group has plans for $2 million in interior upgrades to the property, which are scheduled for completion in 2013.\u00a0 The community is served by a dedicated University-operated shuttle bus and community amenities include two clubhouses, two swimming pools, three sand volleyball courts, basketball court, tennis court, fitness center and tanning salon.\u00a0<\/span><\/span><\/div>\n<div><span style=\"font-family: Calibri, sans-serif;font-size: x-small\"><span style=\"font-size: x-small\">The HFF team representing the borrower was led by senior managing director Dave Keller.<\/span><\/span><\/div>\n<div><span style=\"font-family: Calibri, sans-serif;font-size: x-small\"><span style=\"font-size: x-small\">Founded in 1999, The Scion Group is a real estate services partner to higher education institutions, foundations and private-sector providers of student housing.\u00a0 The company is a recognized leader in facility and strategic planning, market studies, operations assessments, development consulting and complete property management.<\/span><\/span><\/div>\n<div><span style=\"font-family: Calibri, sans-serif;font-size: x-small\"><span style=\"font-size: x-small\">Virtus Real Estate Capital is a private equity real estate fund sponsor headquartered in Austin, Texas.\u00a0 Virtus manages a number of funds targeting student housing, self-storage, medical office and senior housing.\u00a0 The joint venture investment, the second with the Scion Group, was made through Virtus Student Housing, LP, a dedicated student housing fund investing throughout the U.S.\u00a0<\/span><\/span><\/div>\n<div><span style=\"font-family: Calibri, sans-serif;font-size: x-small\"><span style=\"font-size: x-small\">Holliday Fenoglio Fowler, LP (\u201cHFF\u201d) and HFF Securities LP (\u201cHFFS\u201d) are owned by HFF, Inc. (NYSE: HF). \u00a0HFF operates out of 20 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing.\u00a0<\/span><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p> HFF announced today that it has arranged $21.75 million in acquisition financing for Pirate\u2019s Cove, a 264-unit, 1,056-bed student housing community near East Carolina University (ECU) in Greenville, North Carolina.<\/p>\n","protected":false},"author":1201,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004040172","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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