### The Prime Company Secures $111M for Midwest Student Housing Portfolio
The Prime Company (TPC) has secured $111 million in fixed-rate financing from affiliates of Apollo for a portfolio of five student housing properties across four states.
TPC developed each of these properties over the past decade. The portfolio consists of 998 units with a total of 1,778 beds. Prime Place Stillwater 213 and 312, built in 2015 and 2016, are located near Oklahoma State University and offer a combined 835 beds.
Prime Place Lincoln, built in 2016 near the University of Nebraska, features 226 beds. The Arrow, completed in 2018 near the University of Minnesota, includes 459 beds, while The Urban, developed in 2020 near Ohio State University, offers 258 beds.
This financing package marks the first transaction between TPC and Apollo affiliates and represents the largest single financing deal in TPC’s 20-year history. “We are excited about the newly established relationship with the team at Apollo and to complete this transaction, which enabled us to secure attractive financing on a fixed-rate basis and free up a significant portion of our invested equity to be redeployed across our portfolio,” said Zane Sweet, Vice President of Capital Markets for TPC.
