Natixis Lends $ 20 Million to Acquire the Pennsylvania Student Housing Portfolio – Commercial Observer
Natixis provided a private investment arm based in Hong Kong Beacon Assets with a loan of approximately $ 20 million to facilitate the acquisition of a $ 30 million student housing portfolio Lehigh University in Bethlehem, Penn., HFF announced. The broker represented the buyer in the transaction.
The five-year fixed rate acquisition loan was $ 19.5 million and the purchaser acquired Philadelphia’s 71-building portfolio Campus apartments, a student housing developer and manager, free of existing debt, as per HFF’s prior information regarding the sale.
According to information on the university’s website, Lehigh University’s total population is just over 7,000, and the HFF said the private school expects 25 percent enrollment over the next seven years. This is a good sign for the 383-bed portfolio, which, according to the HFF, has recorded a combined occupancy rate of 99 percent in the last two academic years.
Campus Apartments officials were not immediately available to comment on the transaction. A Natixis representative did not immediately respond to a request for comment, and Beacon Assets officials could not be reached immediately.