HH Fund Scores $65M Refinancing for Baltimore Student Housing
By Keith Loria February 5, 2024 2:22 pm
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HH Fund, a national student housing owner and operator, has received $64.6 million to refinance Nine East 33rd, a 568-bed student housing property near Johns Hopkins University’s Homewood campus in Baltimore.
Lument facilitated a five-year, fixed-rate mortgage with interest only through Freddie Mac’s capital markets execution program. The new loan allows the borrower, a repeat Freddie Mac sponsor, to exit the short-term financing it secured when the property was acquired in 2021 for $75 million.
At the time, HH Fund received a $62 million stretch senior loan from PIMCO for the acquisition.
Constructed in 2016, Nine East 33rd consists of 157 units with floor plans ranging from one to four bedrooms. All come fully furnished.
The property offers a fitness center, a resident lounge, an outdoor terrace and leisure areas, as well as a ground-floor retail space.
“We are happy to have a successful outcome for this dedicated student housing owner-operator, especially in this challenging capital markets environment,” Tim Smits, a director on Lument’s conventional production team, who led the transaction, said in a prepared statement.
HH Fund’s portfolio includes 7,000 beds in 15 properties across seven states.
Keith Loria can be reached at Kloria@commercialobserver.com.
