PHILADELPHIA, PA — AMA Financial (AMA), a commercial mortgage-brokerage firm, announced a financial arrangement totaling $192.5 million on behalf of Vesper Holdings (Vesper) in its acquisition of a sizable student housing portfolio. Financing was provided by KeyBank Real Estate Capital (KeyBank) and consisted of eight loans, including: six fixed-rate Freddie Mac loans amounting to $168 million; and two bridge loans amounting to $24.5 million.
“As the student housing market continues to flourish, we rely on Gregg and AMA Financial for projects that require serious financial strategy,” said Todd Goulet, senior vice president, KeyBank Real Estate Capital. Added John Manginelli, Northeast regional executive at KeyBank, “AMA has been a reliable correspondent to KeyBank for more than 10 years, allowing us to truly expand across several regions via student housing.”
The eight-property portfolio includes more than 4,900 beds and spans Alabama, Georgia, Iowa, Kansas and Texas, including:
•Crimson Student Living at the University of Alabama (Tuscaloosa, AL)
•Legacy at Georgia Southern University (Statesboro, GA)
•West 22 at Kennesaw State University (Kennesaw, GA)
•Hawks Ridge at Iowa State University (Iowa City, IA)
•University Crossing at Kansas State University (Manhattan, KS)
•The District on Luther at Texas A&M (College Station, TX)
•Campus Quarters at Texas A&M (Corpus Christi, TX)
•Islander Village at Texas A&M (Corpus Christi, TX)
“We have partnered with Gregg since 2009 and this deal is truly representative of his aid in making Vesper a leader in the space. AMA has assisted us with financings of more than 13,000 beds representative of approximately $1 billion,” said Isaac Sitt, co-founder and co-CEO, Vesper Holdings LLC.