Financing facilitated for student housing community in Oregon
JLL Capital Markets led the financing efforts for K14 Campus Flats, a student housing property located across the street from the University of Oregon
CHICAGO, May 30, 2024 – JLL Capital Markets announced today that it has arranged financing for K14 Campus Flats, a student housing property across the street from the University of Oregon in Eugene, Oregon.
Working on behalf of the borrower, Waterway Family Funds, JLL placed the 10-year acquisition financing with Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
K14 Campus Flats is located at 1414 Kincaid St. just a five-minute walk to the student recreation center and campus core as well as a two-minute walk to East 13th Ave., the main retail hub for bars and nightlife serving students in the area.
University of Oregon is a premier Power 5 school currently in the PAC-12 and has an enrollment of over 23,000 students. During the 2022 – 2023 academic year, the University of Oregon experienced its largest freshman class enrolment, 31% higher than their average freshman class size over the past 10 years.
Completed in 2015, the Class A student housing community offers 45 units that are fully leased in two-, three- or four-bedroom layouts. K14 Campus Flats also offers a full amenity suite, which includes on-site bicycle storage, community courtyard, grilling station and tenant lounge.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Directors Patricia Heminger, Dan Kearns and Stephen VanLeer, Associate Rebecca Brielmaier, Senior Analyst Sam Tarter and Analyst Merrick Evans.
“JLL is thankful to have had the opportunity to help establish a great new relationship between Freddie Mac and Waterway Family Funds,” commented Dan Kearns. “As Waterway scales its multi-housing and student housing portfolio, this relationship will be incredibly valuable.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Waterway Family Funds
Waterway Family Funds sources and acquires quality commercial real estate across diverse asset classes and geographic locations. The company targets assets that (1) preserve capital, (2) maximize distributable yields, and (3) generate superior all-in returns. The principals of Waterway Family Funds have acquired more than $16 billion of real estate assets located throughout the U.S., consistently generating strong returns on such investments. Additionally, the principals have financed and structured over $12 billion of real estate across all segments of the capital stack.