CHARLOTTE—North Campus Crossing—Phase II, a 276-unit student housing facility serving East Carolina University in Greenville, N.C., has a new owner. A joint venture between Pierce Education Properties, LP and Core Properties LLC snapped up the 816-bed facility.
HFF arranged $19.8 million in financing for the student housing. HFF secured a fixed-rate loan through Freddie Mac’s CME Program. HFF is securitizing the loan will through its Freddie Mac Program Plus Seller/Servicer program. The joint venture used loan proceeds to acquire the property.
HFF senior managing director Tim Wright and associate director Zack Holderman handled the deal. Wright tells GlobeSt.com, “NCC is reflective of a latest generation of purpose built student housing product that offers amenities and technology demanded by today’s college student.”
Completed in two phases during 2005 and 2006, North Campus Crossing features a resort-style zero-entry pool, full-size gymnasium, indoor volleyball court, double sand volleyball courts, basketball courts, weight and cardio room, aerobics classes, tanning beds, computer lab and theatre room.