AIG Investments has provided a $75m, 20-year, fixed-rate, non-recourse loan on the new Stanhope Student Apartments, adjacent to North Carolina State University in Raleigh, North Carolina.
“AIG’s experience with student housing allowed it to assess Stanhope’s potential and value early on,” said Mark Fisher of CBRE, a member of the team that arranged the deal.
The loan was committed without any tenants in occupancy but the property has been fully leased to students. Half of the property’s retail space is leased to CVS.
“The student housing portion was fully leased 30 days after it opened in July,” Fisher said, calling the project “another, best-in-class example of this innovative developer’s capabilities.”
Fisher arranged the financing with Alex Furnary of CBRE’s Midtown Manhattan office, along with David Meese and Tom Kobus of CBRE’s Pittsburgh office.
The property features nine-foot ceilings, a saltwater pool, two-story health club, cyber-lounge, art studio, tanning beds, two-story game room and ground-floor retail. Deck parking is provided for tenants on the same floor as their unit.
Students will pay up for it. Unit prices range from studio apartments that lease for $1,115 per month to four-bedroom units that rent for $740 per person, per month. The rates include utilities and Internet.