Columbus Nova MB (“CNMB”) is pleased to announce that it has closed on a permanent agency loan to refinance Rio West Apartments (the “Property”), a 388-bed purpose-built student housing asset which CNMB acquired in September 2016. The new agency debt was structured by KeyBank and completes an exit from the previous bridge loan (provided by KeyBank) used to finance the original acquisition.
The Property, which is just steps from the University of Texas Austin, was the subject of a $2.3M capital improvement project aimed at elevating existing amenity spaces and upgrading in-unit furnishings, while improving curb appeal and instilling a sense of arrival to its tenants. After only one year of ownership, the improvements allowed CNMB, in conjunction with Coastal Ridge Real Estate (Property Manager), to reposition the asset and drive value to their investors.
CNMB is continuing to advance its value-add initiative through the coming academic year and expects the Property to be fully stabilized by August 2019.
Please visit http://rioweststudentliving.com/ for more information on this community. To find out more about Columbus Nova MB, go to http://www.columbusnovamb.com/ and access our informational library. Columbus Nova MB has offices in Charlotte, New York. For information about this transaction, please contact Amos Beason +1 (704) 285-7750, Lon Brown at +1 (704) 285-7756 or Aldo Martinez at +1 (704) 285-6533.
Columbus Nova MB LLC manages portfolios of real estate assets for a variety of investors in a separate account program. CNMB’s Advisory Group serves middle market businesses by providing buy and sell-side, capital formation and restructuring services on a fee basis. CNMB also manages the Baikal Program, which makes investments in growing businesses and in private equity funds.