HFF has put together construction financing and joint-venture equity for the development of 33° North, a 139-unit, 427-bed student housing project at the University of North Texas in Denton. Financial terms of the transaction were not disclosed.
American Bank of Texas is providing the construction loan; joint-venture equity is being provided by a private investor. HFF’s team was led by Adam Herrin, associate director. It worked exclusively on behalf of the borrower, a joint venture between Fountain Residential Partners LLC and Crosswind Development LLC.
33° North is located on the southeast side of UNT, at 919 Eagle Drive. Slated for completion in the fall of 2013, it will be the first of two student housing communities under way that are within walking distance of campus. Units will range from one to four bedrooms; amenities include granite countertops and 50-inch flat screen televisions, in addition to a pool area and clubhouse.
Here is more information on the developers, from an HFF press release:
• Fountain Residential Partners, together with the Dallas-based Carl Westcott Family, was founded by principals Brent Little, Jon Clayton and Trevor Tollett, each seasoned real estate professionals that have more than 40 years combined experience in student housing development. The principals have built more than $1 billion in student housing developments across the country.
• Crosswind Development Partners is a Dallas-based real estate investment and development firm with experience investing in multi-housing projects including development, construction, and asset management.
