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Student Housing Daily - May 8 - JLL secures $134.9 million in student housing refinancings

Student Housing Daily - May 8 - JLL secures $134.9 million in student housing refinancings

Student Quarters acquires asset for $23.3 million. Parallel begins construction. TCU and Endeavor break ground. Student housing surges. Four new student housing deals.

Aid Sopjani & Matt H
May 08, 2025

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NEWS ROUNDUP

FINANCING: JLL secures $134.9 million in student housing refinancings across Southeast. JLL has arranged $134.9 million in refinancing for three student housing communities in the Southeast. Lee Weaver, Melissa Marcolini Quinn, Rob Rothaug, and Jade Starkey secured a $97.5 million loan from MF1/Limekiln for Apella on Newport, a 576-bed community near the University of Tampa developed by Commercial Street Partners. The team, along with Kenny Cutler and Cristian Sieman, also arranged a $22 million refinancing from Prime Finance for Preserve at Tech, a 588-bed property near Louisiana Tech University, on behalf of RISE. Additionally, Weaver, Quinn, Rothaug, and Sieman placed a $15.4 million loan with Sound Point Capital Management for University Suites at Coastal Carolina, a 272-bed townhome community in Conway, SC.

ACQUISITION: Student Quarters acquires Fayetteville asset for $23.3M. SQ Razorback Road, led by Keith Jernigan of Student Quarters, has acquired the 76-unit, 232-bed Champions Club student housing community in Fayetteville, AR, for $23.3 million, or $100,431 per bed. The property was sold by entities managed by Aleksandr Kogan, President of Ashland Capital. Built in 2016, the four-story complex spans 108,736 SF on 4.42 acres and features two- to four-bedroom units with amenities including a fitness center, pool, and clubhouse. Synovus Bank provided a five-year, $15.88 million acquisition loan.

DEVELOPMENT: Parallel begins construction on 671-bed student housing project. Parallel has officially begun vertical construction on a 671-bed student housing development serving Texas Tech University, with completion slated for 2027. The project is being developed in partnership with Kayne Anderson and is backed by construction financing from PlainsCapital Bank. David Pierce, Principal at Parallel, and Mark Rosenberg, EVP at PlainsCapital, both emphasized the project’s alignment with the university’s long-term growth and community impact. The development team includes BOKA Powell, A Royal Interiors, Parkhill, VP Consulting Engineers, RLG Consulting Engineers, and general contractor Teinert Construction.

DEVELOPMENT: TCU and Endeavor break ground on 780 beds. Texas Christian University (TCU) and Endeavor Real Estate Group have broken ground on Morado on Berry, a 780-bed student housing development spanning two communities in Fort Worth. Scheduled for completion ahead of the 2027–2028 academic year, the project will offer studio to five-bedroom units with bed-to-bath parity, alongside 25,000 SF of ground-floor retail. Amenities include a rooftop pool with Jumbotron, fitness and Pilates studios, study spaces, a social lounge, and outdoor cooking areas. The development team includes Crow Holdings Capital, RAMSA, Lake|Flato, The Beck Group, JLL, OHT Partners, and Kimley-Horn. American Campus Communities will handle marketing, leasing, and management.

READ: Student housing market surges.

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