L3 Campus and Aureon Partners have completed a $53.7 million refinancing of the OnShore apartments, a purpose-built student housing community serving Embry-Riddle Aeronautical University in Daytona Beach. The 210-unit, 636-bed property sits near the university campus and has maintained occupancy above 98% since its delivery in 2020, according to the parties involved in the transaction.
The new loan was arranged by a Walker & Dunlop Capital Markets Real Estate Finance team led by Will Baker, Mike Shropshire, William Shell and Doug McDaniel. The financing was sourced through Freddie Mac as a 7-year, floating-rate facility that features a four-year interest-only period. TSB Capital Advisors, through Austin Kinn, served in a consulting role to the borrower during the refinancing process.
OnShore is described as a Class A student housing property offering two- and four-bedroom floor plans designed to accommodate student living near campus. Community amenities include an infinity pool, a fitness center, dedicated study areas and a flight simulator, as well as an on-site shuttle service providing direct access to the nearby Embry-Riddle campus. The project’s combination of amenitized living and proximity to the university has supported its strong lease-up history since opening.
The property is located at 1100 Halifax Medical Center Dr. in Daytona Beach. Since coming online in 2020, the asset has maintained consistently high occupancy performance, remaining above 98% leased, which indicates durable demand from the area’s student population. The refinancing allows the ownership group to lock in a medium-term capital structure with an extended interest-only period while continuing to operate the asset in its current use as a student housing community.
The involvement of Freddie Mac, alongside an institutional capital markets intermediary and a dedicated student housing advisory firm, highlights the role of government-sponsored enterprise financing in the student housing sector. The transaction reflects ongoing lender willingness to provide floating-rate, interest-only capital to stabilized, Class A student housing properties that demonstrate strong historical occupancy and alignment with a major university campus.
