Commercial Street Partners Secures $97.4M Refinancing for Student Housing Near University of Tampa
Commercial Street Partners has secured $97.4 million in refinancing for a newly completed student housing development near the University of Tampa. Located at 311 N. Newport Avenue, just a half-mile from the campus, the 576-bed property is fully leased. The three-year, floating-rate loan was provided by MF1/Limekiln Real Estate Investment Management, according to Commercial Edge.
JLL Capital Markets’ Debt Advisory team represented the borrower in the refinancing deal. The team was led by Lee Weaver and Melissa Marcolini Quinn, along with Rob Rothaug and Jade Starkey.
The student housing community, known as Apella on Newport, comprises 150 fully furnished apartment units in a mix of two-, three-, four-, and six-bedroom configurations. A majority of the units—90 out of 150—are three-bedroom, three-and-a-half-bath layouts, each measuring approximately 1,330 square feet and renting for $6,600 per month.
Community amenities include a rooftop pool, fitness center, study lounges, and secured garage parking. Additional features include a game room with a pool table, a dog wash station, bike storage, and electric vehicle charging stations.
