TH Real Estate has provided $129.4m (€111.3m) in mortgage loans for two US student housing properties owned by Schenk Realty Group and EdR.
TH Real Estate said it is providing $83.2m for the re-capitalisation of The Marshall, a 994-bed and 316-unit, student housing community adjacent to the main campus of the University of Minnesota. The investment manager is also providing first mortgage financing in the amount of $46.2m for the re-capitalisation of Georgia Heights, a 294- bed and 268-unit, student housing community located in Athens, Georgia.
Copeland Cherry, the director of mortgage investments at TH Real Estate, said: “With continuous demand for student housing supported by rising student enrolments combined with current limited existing and planned on-campus housing, we believe the loans for The Marshall and Georgia Heights will exhibit strong positive returns.”
TH Real Estate is a subsidiary of Nuveen, the investment management arm of US financial services group TIAA.
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