January 28, 2025 – CenterSquare’s Private Real Estate Debt Team recently provided a $22,838,000 mezzanine loan to finance a to-be-built class A student housing facility in Tallahassee, FL, directly adjacent to Florida State University. The Property will consist of 614 beds/baths spread across 220 units, all of which will be 100% market rate and will come fully furnished, and approximately 19,400sf of ground floor retail space. The Property will also include a 579-space covered parking garage and will offer amenities such as a resort style pool, state-of-the-art gym, yoga rooms, saunas, study rooms on each floor, as well as in-unit washer/dryers, balconies, and granite countertops. Construction is expected to be complete in July 2026.
The Sponsor is a repeat borrower of CenterSquare and has developed more than 260 multifamily and mixed-use projects, including approximately 1,600 student housing beds across three properties at Florida State University. The mezzanine loan was closed simultaneously with a $62,042,000 mortgage loan from a large insurance company.
