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Beachwold Residential secures $176.6M loan for UCF student housing
The project at UCF in Orlando will bring 484 units and 1,395 beds, with Phase I targeting delivery before the 2028 to 2029 academic year.
Beachwold Residential has obtained a $176.6 million construction loan to finance the development of Place at Alafaya Phase I & II, a to-be-built student housing project at the University of Central Florida in Orlando, Florida, according to ConnectCRE.
The development calls for four buildings, each four stories, and will deliver Class A accommodations totaling 484 units and 1,395 beds. Affinius Capital originated the loan, with financing arranged by Mona Carlton, Elliott Throne, and Josh Odessky of JLL.
ConnectCRE reports Phase I will add 284 units and 809 beds in two buildings, aiming for delivery before the 2028 to 2029 academic year. Phase II is set to include 200 units and 586 beds, with 534 parking spaces, targeting delivery prior to the 2029 to 2030 academic year.
Planned amenities include a standalone 16,000-square-foot clubhouse and onsite facilities such as lagoon-style pools with cabanas, courtyards, pickleball courts, a half-court basketball area, and a direct shuttle service to the UCF campus.