Student Housing Daily - March 13 - The Preiss acquires and capitalizes two developments

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NEWS ROUNDUP

ACQUISITION: The Preiss acquires and capitalizes two student housing developments. The Preiss Company and FD Stonewater have announced the acquisition and capitalization of two major student housing developments in Knoxville, Tennessee, and Raleigh, North Carolina. Developed in partnership with Monarch Alternative Capital, the projects highlight the companies’ commitment to delivering high-quality student housing in key university markets. “These latest development closings exemplify our commitment to strategic growth at top-tier universities," said Susan Folckemer, Chief Acquisitions & Development Officer at The Preiss Company. “With strong supply and demand fundamentals, Knoxville and Raleigh remain compelling markets for student housing,” said Ben Dineen, Principal and Director of Development at FD Stonewater. Equity for the project was sourced by Teddy Leatherman and Jayme Nelson of JLL, while debt and construction financing were secured by Ian Walker and Ben Roelke of Newmark.

ACQUISITION: Timberline acquires North Carolina complex for $44.35 million. Timberline has bought The Wilde, a 210-unit student housing property in Raleigh, North Carolina, for $44.35 million, or $211,190/unit.

FINANCING: Up Campus secures $87 million. Up Campus has secured $87.4 million in construction financing for Leo Tallahassee, a luxury student housing development set to open before the fall 2027 academic year. The 10-story, 277-unit community will provide 782 beds adjacent to Florida State University’s campus in Tallahassee, Florida. CIBC Bank USA provided the loan, with additional participation from Trustmark and Republic Bank, while TSB Capital Advisors brokered the deal on behalf of the borrower.

PEOPLE MOVES: Kayne Anderson appoints new relationship manager. Kayne Anderson has announced the addition of Stephanie Luh as an institutional client relationship manager. Based in Los Angeles, Luh will work under the leadership of Jason Pomatto, managing director, senior client portfolio manager, and institutional relationship manager. In her new role, Luh will focus on executing KAR’s strategic initiatives to enhance relationships with its institutional clients.

PEOPLE MOVES: The Michaels Organization brings in new Deputy CFO. The Michaels Organization has announced the appointment of Mark Biancucci as Deputy Chief Financial Officer, a newly created role within the organization. With over 22 years of experience in real estate investment, development, and construction, Biancucci brings a wealth of financial expertise to support Michaels’ ongoing growth. “We're delighted to welcome Mark to our team,” said Joe Purcell, Chief Financial Officer of The Michaels Organization. “With his strong track record in financial management, strategic planning, and systems implementation, Mark will be instrumental in our continual growth and our ability to foster disciplined long-term value creation for our partners,” said Mark Morgan, Chief Executive Officer of Michaels.

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