Seminole Boosters Inc. has closed on a $31 million loan for the development of CollegeTown Phase III in Tallahassee. The 308-bed student housing project will be located adjacent to Florida State University in the CollegeTown district. The seven-story facility will feature a structured parking garage with 423 spaces and 3,550 sqf of retail space. Developed by Alan Hooper and Tim Petrillo of Urban Street Development, the 1.8 acre site is situated on the southeast corner of West Madison and Lorene streets. Construction is expected to commence in 2017. Senior Director Brad Williamson of Berkadia’s South Florida office arranged the financing through a regional bank.
“There has been a dynamic shift in student housing projects across the country. Students are looking for a live-work-play environment within a walkable distance to campus,” Williamson said adding that with the highest rents in the submarket, CollegeTown has been completely stabilized.
