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10/22/15
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The Reliant Group has obtained $65.5 mil in acquisition financing for Mustang Village, a 514-unit, 1,006-bed student housing property located adjacent to California Polytechnic State University in San Luis Obispo. Located at 1 Mustang Drive, the garden-style property is designed to give residents a “village” feel, with barbeques, tables, two swimming pools, fitness center, computer lab and television room.
Andrew Behrens and Jesse Weber of CBRE Capital Markets’ Debt and Structured Finance team, out of San Francisco, arranged the financing. The 10-year, floating-rate loan was provided by Fannie Mae.
“Mustang Village is a unique property located in a supply constricted market where there is an extreme shortage of viable student housing,” stated Mr. Weber. “The Reliant Group has a fantastic vision for the future of the property and both CBRE and Fannie Mae are excited to be able to provide financing that will help this vision become reality.”
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