HFF Announces Financing Totaling More Than $100M For Orlando Student Housing Development

Nov 09, 2017 No Comments by

Holliday Fenoglio Fowler, L.P. (HFF) announces more than $100 million in financing for the development of a mixed-use student housing high-rise project in Downtown Orlando at the UCF/Valencia Campus at Creative Village.

The HFF team worked on behalf of the co-developers, DEVEN – Development Ventures Group, Inc. (formerly known as KUD International LLC) and Ustler Development, Inc., to arrange the capital stack, which consisted of a $68.1 million construction loan from PCCP, LLC, $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 land was acquired in a separate transaction, which closed October 25.

The 15-story project will consist of approximately 600 student housing beds, 11,000 square feet of ground-floor commercial space, 600 parking spaces and 102,500 square feet of space leased long-term to the University of Central Florida (UCF) and Valencia College (Valencia) 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 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.

The HFF team included senior managing director Michael Weinberg, managing director Brian Kelly and director Mike Higgins.

 

“We are extremely excited to be working with DEVEN, Halstatt and PCCP on this project, which will be a cornerstone of the UCF/Valencia Downtown Campus at Creative Village,” said Craig Ustler, President of Ustler Development, Inc. “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.”

 

“PCCP is pleased to be financing leading developers DEVEN and Ustler Development on this landmark project,” said PCCP, LLC managing director John Randall. “We believe Creative Village has the possibility of transforming how people view Downtown Orlando, especially as a center for world-class education.”

 

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