Its acquisition of financing for the Arena District, a 65-unit/244-bed, off-campus student housing community serving the University of Oregon in Eugene, Oregon was announced by Holliday Fenoglio Fowler.
The Arena District is located at 2050 E. 15th Avenue less than a quarter mile east of the University of Oregon campus, which serves approximately 23,600 students. Completed in 2014, the property is a five-minute walk from both the Matthew Knight Arena and historic Hayward Field and is approximately 1.5 miles east of downtown Eugene. Arena District comprises mostly four-bedroom units featuring modern finishes and green design components and community amenities, including a fitness center, hot tub, private study room, 24-hour study area and internet café, 24-hour multimedia lounge, clubroom with gaming and pool table and outdoor courtyard with grilling station. The LEED-certified property was 97 percent leased for the 2017-2018 school year.
Holliday Fenoglio Fowler worked on behalf of Cardinal Group to secure the floating-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to acquire the property.