AUSTIN, TX – May 20, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $92 million in financing for a three-property, 1,653-bed student housing portfolio in Iowa, Texas and South Carolina.

HFF worked on behalf of Aspen Heights and Safanad to secure the three-year, floating-rate loan through a large institutional lender.  Loan proceeds were used to refinance existing construction financing.

Built between 2017 and 2018, the three geographically diverse communities are well-constructed with bed/bath parity, best-in-class student amenity offerings and finishes tailored to their respective markets.  Aspen Ames is a 422-bed, garden-style property located at 3306 Lincoln Way in Ames, Iowa, which serves Iowa State University.  Aspen Houston consists of 717 beds within two four-story, wrap-style buildings located at 4971 Martin Luther King Boulevard in Houston, Texas, which serves the University of Houston.  Aspen Conway is a 514-bed property totaling 116 cottage-style buildings located at 2251 US-501 East in Conway, South Carolina, which serves Coastal Carolina University.

The HFF debt placement team was led by senior managing director Doug Opalka, senior director Casey Wenzel and director Michael Johnson.

“Aspen Heights and Safanad are one of the premier student housing owner/developers in the United States, and this portfolio presents a significant opportunity for value creation for the partnership,” Opalka said.  “This was a phenomenal result for all involved.”