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Quick quiz: What asset class has low default rates, expects high transaction volume this year, and serves a notoriously fickle tenant base? Answer: student housing (and you thought college ended after four years).
KBE Building Corp?s Allan Kleban and motorcycle maniac Bill Hasson
We snapped KBE Building Corp?s Allan Kleban and motorcycle maniac Bill Hasson at Bisnow's first ever Student Housing Summit at the Grand Hyatt in DC Tuesday. They told us about the $14.8M, 53k SF expansion and addition KBE?s working on at UMBC?s Patapsco Hall. Allan thinks private institutions will drive growth over public universities this year, and Campus Apartments CEO and development panelist David Adelman says public-private partnerships are key to cash-strapped public schools funding student housing.
Education Realty Trust?s Jeff Resetco, project manager Justin Hollier
Education Realty Trust?s Jeff Resetco shared details on a 572-bed, 280k SF independent residential building at Johns Hopkins? Science and Technology Park (master developed by Forest City) being built by a JV of Clark Construction and Banks Construction. Jeff, above, with project manager Justin Hollier at the site, tells us EDR and Otis Warren are jointly developing the project along with land owner, East Baltimore Development. EDR provided $18M in mezzanine financing, in addition to a $28M construction loan from PNC BankDelivery, is slated for summer '12, four years after the initial RFP was issued. Walker & Dunlop?s Will Baker, on our capital markets panel, says October is the best month to set up financing for these projects because it allows time to make collections from tenants (encouraging lenders to close the deal).