Newmark arranged $47.5 million in financing for Collective at Columbia, a 318-unit, 972-bed student housing asset serving the University of Missouri in Columbia, Missouri.
The Newmark Multifamily Capital Markets team secured the five-year, fixed-rate, full-term, interest-only loan through a life company to finance the acquisition and light capital improvements for the property. Executive Managing Director Ben Roelke and Senior Managing Director Ian Walker, leaders of the National Student Housing Financing platform, facilitated the loan on behalf of the borrower, a joint venture between The Preiss Company and a private equity real estate fund advised by Crow Holdings Capital. The property was acquired from Aspen Square Management. The non-recourse loan features low fixed-rate pricing at 5.56% and a flexible prepayment structure, with the ability to lock in an early rate at term execution.
Delivered in 2013, Collective at Columbia provides residents with abundant amenities to promote academic, social and physical well-being, including a resort-style pool, yoga studio, 24-hour fitness center, academic success center, game room and off-leash dog park. The capital upgrades program will feature unit interior updates, exterior improvements and clubhouse renovations to complement the property’s top-tier community facilities and large-scale floor plans. The property boasts strong fundamentals with a 99.5% occupied for the 2024-2025 academic year and an impressive 12.3% rent growth over the 2023-2024 academic year.
Located at 3600 Aspen Heights Parkway, Collective at Columbia is just minutes from the Mizzou campus and proximate to ample retail, restaurants and entertainment venues in Downtown Columbia. The property also offers a complimentary shuttle with direct transportation to campus.
