Chicago, Illinois, March 7, 2011 – Wrightwood Capital’s High Yield Partners Fund II provided a $4,965,000 mezzanine loan to a joint venture of Los Angeles based Icon Company and Chicago based Campus Acquisitions for the development of a 56 unit, 251 bed class “A” student housing complex at the University of Southern California in Los Angeles. The mezzanine loan stands behind a construction loan from The Private Bank.
The complex will also include 12,500 square feet of ground floor commercial space, three levels of underground parking, a landscaped courtyard, study rooms, a fitness center, pool and spa. Located across the street from the southeast corner of USC’s campus and a short walk from Exposition Park, the complex is scheduled to be available for occupancy before the fall 2012 semester.
“There is a tremendous demand for this kind of student housing at USC right now,” commented Mark Macedo, Senior Director, Fund Management, in Wrightwood Capital’s Los Angeles office. “Wrightwood Capital believes that the Icon Company and Campus Acquisitions are well placed to deliver an outstanding facility in the next year. The development team has a tremendous depth of experience in student housing projects all over the country.”
The Icon Company was formed by Billy Ruvelson and Eran Fields in 2007 to develop mixed-use student-housing and retail projects at universities throughout California.
Campus Acquisitions, LLC (“CA”) is focused solely on education related real estate investments, primarily in the area of student housing. CA currently owns and operates approximately $500M of student housing properties in Illinois, Iowa, Indiana, Texas, Georgia, Arizona, South Carolina, Michigan and California, totaling over 2,200 units, and 6,000 beds.
Wrightwood Capital’s High Yield Partners Fund II is a $243 million commercial real estate debt fund focused on multi-family, office, retail and industrial transactions. The fund provides highly customized equity and mezzanine capital to middle market real estate operators focused on value-add assets.
Wrightwood Capital has made over $5.4 billion of loans and investments since 1997, and currently manages approximately $1.5 billion in assets. Smart commercial real estate operators and investors have learned to depend on Wrightwood Capital’s views on risk, credit and capital flows, as well as its ability to custom-tailor debt and equity structures to fuel their real estate business plans.
For more information contact
Gunnar Branson
Wrightwood Capital
312.324.5943
gbranson@wrightwoodcapital.com
www.wrightwoodcapital.com.