MB Financial Bank announced that it recently provided a $40.3 million construction loan to Blue Vista Capital Management for the development of a 218-unit student housing development near the University of South Carolina’s flagship Columbia campus. The 660-bed development is located at the corner of Gervais and Harden Streets in MB Financial Columbia’s popular Five Points district, and will be completed in time for the fall 2016 semester.
MB Financial Bank arranged the financing and will act as administrative agent. Vince Laughlin, group president, commercial real estate at MB Financial Bank, said, “We’re delighted to be working with Blue Vista Capital Management on this exciting project. Helping provide quality student housing for such a highly respected university is a privilege for us and exhibits the creativity and versatility of our talented and experienced real estate team.”
Commenting on the financing, Peter Stelian, CEO of Blue Vista Capital Management, a Chicago-based real estate investment firm said, “We appreciate our partnership with MB Financial Bank and their commitment to this project. We look forward to working together to deliver an exciting new housing option to the serve the growing University of South Carolina student population later next year.”
