A joint venture between Development Ventures Group (formerly known as KUD International LLC) and Ustler Development has landed a $100 million loan for the development of a mixed-use student housing high rise project in downtown Orlando. Located at the UCF/Valencia Campus at Creative Village, plans call for a 15-story building that will house approximately 600 students, 11,000 square feet of ground-floor commercial space, 600 parking spaces and 102,500 sqf of space leased long-term to the two schools for education and education support services. Holliday Fenoglio Fowler arranged the capital stack, which consists of a $68.1 million construction loan from PCCP, $29.9 million in joint venture equity from Halstatt Real Estate Partners and $5.3 million in sponsor equity contributed by the co-developers. Completion of the project is scheduled for August 2019 and will coincide with the opening of the UCF/Valencia Downtown Campus at Creative Village, which will initially serve 8,000 students, faculty and staff. The HFF team included senior managing director Michael Weinberg, managing director Brian Kelly and director Mike Higgins.
“We are extremely excited to be working with DEVEN, Halstatt and PCCP on this project, which will be a cornerstone of the UCF/Valencia Downtown Campus at Creative Village,” said Craig Ustler, President of Ustler Development, Inc. “The Student Housing Project will anchor the key intersection of Livingston Street and Terry Avenue, and represents the emerging trend of urban, mixed-use, integrated campus buildings.”
