PHOENIX, AZ – TSB Capital Advisors, the national leader in student housing and multifamily real estate advisory services, successfully arranged refinancing for Coastal Ridge Real Estate of a two-property, class A, student housing portfolio located adjacent to the University of Notre Dame campus. The properties, Irish Flats and Overlook at Notre Dame, combine for 457 units and 555 beds.
The financing marked Fifth Third Bank’s first deal with Coastal Ridge in the student housing space. TSB Capital Advisors specifically secured a 2.25% fixed rate on a 5-year term.
“This is a portfolio we’re proud to have worked on at several different stages, from the recapitalization last year to this recent refinancing,” said Ian S. Bradley of TSB Capital Advisors. “We were impressed by the perseverance and collective effort of the Coastal Ridge and Fifth Third Bank teams to lock in the lowest rate we’ve ever achieved for a student housing term loan, and to do it during an incredibly turbulent time in the market.”
“The team at TSB is our go-to partner on financing activity for our existing student housing portfolio and new acquisitions,” said Patrick McBride, managing partner at Coastal Ridge. “There are always unexpected challenges that come along during the process—COVID-19 was among the most dramatic we’ve experienced—but with TSB’s unparalleled industry relationships they managed to hold the financing together with no modifications to our pre-COVID term sheet and the result was the lowest all-in rate we’ll likely see in our careers.”
Located just a block from the University of Notre Dame campus, Irish Flats and Overlook were constructed in three phases between 2013 and 2016. Best-in-class amenities include fully furnished apartments, stainless steel appliances, in-unit dishwasher, in-unit washer and dryer, and fitness centers. The properties were 95% occupied during the 2019-2020 academic year and continued to experience 99%+ rent collections throughout the COVID outbreak.
Coastal Ridge Real Estate, based in Columbus, Ohio, and Santa Monica, California, is a full-service investment management firm focused on the multifamily real estate sector. Coastal Ridge Real Estate currently has $2.25 billion of assets under management, including over 15,000 student housing beds, and is one of the top 15 largest student housing owner-operators.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, a federally chartered institution. As of March 31, 2020, Fifth Third had $185 billion in assets.
TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, and has offices in Phoenix, Arizona (headquarters), and Paoli, Pennsylvania. Since its creation in 2009, TSB Capital Advisors has helped close more than 250 deals and $20 billion in student housing and multifamily transactions.