Alliant Credit Union is providing three $ 51 million student housing loans in southeast Texas
CHICAGO – Chicago-based Alliant Credit Union has over $ 51 million in funding for three student dormitories near Louisiana State University (LSU) in Baton Rouge, Baylor University in Waco, Texas, and the University of Tennessee in Knoxville deployed.
In Baton Rouge, Alliant Versity Investments provided acquisition finance for a student residence with 244 residential units and 466 beds. The property is one mile south of LSU and at the time of sale was 100 percent leased for the 2021/2022 school year. The unknown seller has completed renovations to offer indoor and communal facilities, including lounges, two pools, a coffee bar, fitness center and BBQ area. Josh Perew of Walker & Dunlop referred the transaction to Alliant.
In Waco, Alliant Credit closed acquisition financing for a student residence located about a mile from Baylor. The complex comprises 116 apartments in three buildings with a total of 455 beds. Communal facilities include two resort-style pools and spas, a sand volleyball court, a basketball court, a private jogging path, and a fitness center. Free high-speed internet and expanded cable TV are available in every accommodation. The flexible credit structure included a three-year term with extension options and a 30-year repayment plan. Walker & Dunlop’s Patrick Short referred to the opportunity.
In Knoxville, Alliant financed the refinancing of Maplehurst Park, an apartment building comprising 20 apartment buildings with a total of 196 units. The property is adjacent to the University of Tennessee campus on the Tennessee River and overlooks Neyland Stadium. After the purchase, the sponsors invested $ 6.3 million in the intestinal refurbishment of all units as well as in improving the facade and landscaping. Grandbridge Capital’s Bill Mattice and Paul McDonald referred the deal to Alliant.