MIAMI—It's the first purpose built, off campus student housing deal catering to Florida Atlantic University (FAU). Mutual of Omaha Bank closed construction financing for the developers of University Park, a planned 159-unit/599-bed student housing community in Boca Raton, FL.

HFF worked exclusively on behalf of the borrower, a partnership between Rosemurgy Properties, Giles Capital Group, and Lewis Rental Properties, to secure the three-year loan. Financial terms of the deal were not disclosed.

“This project will dramatically enhance the quality of product available to students in Boca Raton and is well positioned to take advantage of the significant growth and momentum we are seeing at the local college and universities,” Elliot Throne, a director at HFF, tells GlobeSt.com. Throne worked with HFF director Adam Herrin, along with senior real estate analyst Scott Wadler, to arrange the financing.

Set to come online in Spring 2015, University Park will feature two-, three-, and four-bedroom layouts. All units come equipped with a washer and dryer, common living room, eat-in kitchen and covered balcony.  

The amenities are par for the course in new student housing development. They include a resort-style pool, fitness center, climbing wall, TRX/Crossfit room, cardio/yoga/boxing studio, arcade table with video gaming, student lounge with video wall, study labs with white boards, juice bar/café, computer lounge, sand volleyball court and demonstration/event kitchen.  

The student housing property will sit on a 10.7-acre site at 135 Northwest 20th Street, just east of FAU's Boca Raton campus. More than 29,000 students are enrolled at the university. Innovative Student Housing will manage the student housing property.