TSB Capital Advisors, the national leader in student housing real estate advisory services, successfully negotiated a non-recourse, senior loan for The Mark Athens, a mixed-use student housing community containing 300 units, 928 beds and 80,000 square feet of retail/commercial space, located adjacent to the University of Georgia in Athens, Georgia. The financing was arranged on behalf of an affiliate of Landmark Properties and an affiliate of Goldman Sachs & Co. LLC's Merchant Banking Division.
"The financing was unique in that it closed at construction completion but before students or commercial tenants moved in for the fall semester, allowing the borrower to replace construction and mezzanine financing with attractive non-recourse, floating-rate financing," said Timothy S. Bradley of TSB Capital Advisors.
The Mark Athens is a first-class, luxury, student-oriented, mixed-use community located adjacent to the northeast corner of the University of Georgia and downtown Athens. Completed in July 2017, the property features a mixture of studio through five-bedroom floor plans, with an average unit size of 1,250 square feet. In addition to fully furnished apartments, community amenities include a two-tiered, rooftop infinity edge pool overlooking Sanford Stadium, extensive fitness facilities overlooking the rooftop pool, PGA-quality golf simulator, and basketball and racquetball courts.
The Mark Athens is also the new home to Landmark Properties corporate headquarters in Athens, Georgia.
Landmark Properties is a fully integrated real estate company specializing in the acquisition, development, construction and management of premier student housing communities located throughout the United States. Since its inception in 2004, the company has developed 22,039 beds and has over 7,400 beds under construction. Nationally recognized, Landmark was named "Number 1 Developer in Student Housing" by Student Housing Business in 2015 and 2016.
Founded in 1869, the Goldman Sachs Group, Inc., is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for Goldman Sachs' long-term principal investing activity. With nine offices across seven countries, the Merchant Banking Division of Goldman Sachs is one of the leading private equity investors in the world with equity and credit investments across corporate, real estate, and infrastructure strategies. Established in 1991, the Real Estate Principal Investment Area within MBD has invested in real estate and real estate related assets totaling approximately $53 billion in equity across more than 800 investments located in 35 countries.
TSB Capital Advisors is the national leader in student housing real estate advisory services, and has offices in Phoenix, Arizona (headquarters) and Paoli, Pennsylvania. Last year, the firm ranked number 1 in student housing financing volume. Since its creation in 2009, TSB Capital Advisors has helped close more than 200 deals and $9 billion in student housing and multifamily transactions.
For additional information on this deal and services provided by TSB Capital Advisors, please contact the firm at 480.626.4416 or visit tsbca.com.