Calidus and BMOC have obtained a $11.8 million Freddie Mac loan for 2909 Oliver, a 192-unit, 504-bed student community in Wichita, Kan. JLL represented the borrower, while its Real Estate Capital LLC provided the five-year, fixed-rate note.
The owner acquired 2909 Oliver for $13 million from Campus Crest Communities, in 2014, according to Yardi Matrix data.
This new funding retires a $38.8 million CMBS loan originated by Ladder Capital Finance LLC in 2013, which expired earlier this year, the same source shows. Those proceeds were used for the acquisition of four student assets, including Gamecock Village and Mustang Village, also recently refinanced with a $25 million loan.
The community is at 2909 N. Oliver St., less than a mile from the Wichita State University’s campus and 8 miles from downtown Wichita. Towne East Square shopping mall is within 6 miles, while Wichita Dwight D. Eisenhower National Airport is 13 miles southwest.
2909 Oliver encompasses 10 buildings spread across 13 acres. Units are available in two- and three-bedroom layouts with bed-to-bath parity, walk-in closets and washers and dryers. Amenities include a game room lounge, fitness center, study library and swimming pool, along with basketball and volleyball courts.
The JLL Capital Markets Debt Advisory team comprised Senior Director Dan Kearns, Closer Patricia Heminger and Analysts Dave Hunter and Katia Novi. Kearns, Novi and Heminger were also part of the team that secured $18.5 million in financing for Bellamy Coastal, a 480-bed student housing property.
