July 9, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $19.454 million in acquisition financing for a 71-building/383-bed, scattered-site student housing portfolio at Lehigh University in Bethlehem, Pennsylvania.
The HFF team worked exclusively on behalf of the borrower, a private investment vehicle managed by Hong Kong-based Beacon Assets, to arrange the five-year, fixed-rate acquisition loan through Natixis. HFF’s investment advisory team arranged the sale of the portfolio to the borrower, details of which were recently released in a separate announcement.
The 71 properties within the portfolio have prime ‘walk to campus’ locations and convenient access to nightlife and retail. The portfolio achieved close to 99 percent occupancy during the last two academic years amidst strong year-over-year rent growth. Lehigh University has an enrollment of more than 7,000 with growth of 25 percent expected during the next seven years.
The HFF debt placement team representing the borrower included managing director James Conley.