TSB Capital Advisors Consults on $53.7M Freddie Mac Refinance for OnShore Student Housing in Daytona Beach
Walker & Dunlop has arranged a $53.7 million refinance loan for OnShore, a purpose-built student housing community in Daytona Beach, Florida, with TSB Capital Advisors consulting on the transaction on behalf of the borrower.
The loan was provided by Freddie Mac on behalf of borrowers L3 Campus and Aureon Partners. Austin Kinn at TSB Capital Advisors advised the borrower on the transaction, while Walker & Dunlop Capital Markets Real Estate Finance coordinated the deal. The team at Walker & Dunlop included Will Baker, Mike Shropshire, William Shell, and Doug McDaniel.
Loan Structure and Financing Terms
The refinance carries a seven-year term with a floating rate and a four-year interest-only period. The transaction was appraised by Apprise, Walker & Dunlop's independent third-party appraisal platform for valuation, data, risk mitigation, and advisory services.
OnShore: A 636-Bed Student Housing Asset Near Embry-Riddle
OnShore is a Class A student housing community featuring 210 units and 636 beds of purpose-built student housing with two- and four-bedroom layouts. The property was delivered in 2020 and has maintained 98% or greater occupancy since that time. It is described as one of the only true Class A student housing options in the immediate submarket.
Amenities at the property include an infinity pool, fitness center, study areas, a flight simulator, and an on-site shuttle to the nearby Embry-Riddle Aeronautical University campus.
Transaction Participants
"OnShore is a high-quality student housing asset supported by strong fundamentals and proximity to a top-tier university," said Shropshire, associate of Capital Markets Real Estate Finance at Walker & Dunlop. "We're grateful to L3 Campus, Aureon Partners, TSB Capital Advisors, and Freddie Mac for their partnership in delivering a financing solution that supports the property's continued performance."
TSB Capital Advisors is a capital markets advisory firm. Its role in the OnShore refinance reflects the borrower's use of specialized advisory expertise in structuring the transaction. Walker & Dunlop served as the capital markets broker coordinating the Freddie Mac loan execution.