Article by IvyLee Rosario
Hopkins Holding has acquired The Blake, a Class A student housing community in Savannah, Ga., from a joint venture including Campus Works, Kaplan Residential and the McKinney Fund & Co. Capital One provided a $19.3 million Fannie Mae acquisition loan to the firm, offering an adjustable rate with a 10-year term inclusive of four years of interest-only payments, followed by a 30-year amortization schedule.
The loan structure allowed Hopkins to meet its return hurdles while allowing for prepayment flexibility. Tim Smits, vice president of Capital One Multifamily Finance’s Boston office, originated the transaction on behalf of the buyer.
“Our team at Capital One is increasingly busy working with student housing investors such as Hopkins Holding and we’re able to offer these clients a wide range of options,” Smits told Multi-Housing News. “The agencies have terrific solutions, and in this case a Fannie execution worked best, but we also have our balance sheet available as well. In the end, we helped Hopkins Holding select an option that fit best for their acquisition of this asset.”