SAN DIEGO, CA – July 10, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for Arena District, a 65-unit/244-bed, off-campus student housing community serving the University of Oregon in Eugene, Oregon.
The HFF team worked on behalf of Cardinal Group to secure the floating-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to acquire the property.
Arena District is located at 2050 E. 15th Avenue less than a quarter mile east of the University of Oregon campus, which serves approximately 23,600 students. Completed in 2014, the property is a five-minute walk from both the Matthew Knight Arena and historic Hayward Field and is approximately 1.5 miles east of downtown Eugene. Arena District comprises mostly four-bedroom units featuring modern finishes and green design components and community amenities, including a fitness center, hot tub, private study room, 24-hour study area and internet café, 24-hour multimedia lounge, clubroom with gaming and pool table and outdoor courtyard with grilling station. The LEED-certified property was 97 percent leased for the 2017-2018 school year.
The HFF debt placement team representing the borrower included senior director Pat Burger.
“HFF is pleased to have assisted Cardinal Group with its latest acquisition as they continue to grow their national portfolio,” Burger said. “They are a best-in-class operator with three properties already under management in the market. With this acquisition, they now also own a best-in-class asset serving UO.”