EAST LANSING, MI - Torchlight Investors has made a $18 million preferred equity investment in connection with the purchase of a Michigan State University student housing portfolio. Torchlight made its investment on behalf of its Torchlight Debt Opportunity Fund IV.
The properties were acquired for about $100 million by a partnership of student housing owners and operators WestPac Campus Communities and The Woodlark Cos.
In addition to these investments, a senior mortgage loan was provided by JP Morgan to complete the acquisition and provide additional funding for planned renovations.
The Class A student housing complex consists of The Club at Chandler Crossing, The Landings at Chandler Crossing, and The Village at Chandler Crossing. Completed by Atlantis Campus Communities in 2003, the three properties contain a combined 852 units with 2,772 beds.
Torchlight Investors is a New York-based n independent SEC registered investment advisor, focused on commercial real estate investments. Torchlight Debt Opportunity Fund IV is an opportunistic/value-add fund launched to target commercial real estate debt investments.
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