Pacific Life Lends $73M to Build FSU Student Housing in Tallahassee
By Julia Echikson August 23, 2024 9:00 am
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A joint venture involving Portman, 908 Group, Canyon Partners Real Estate and PTM Partners secured $73.3 million to build a student housing complex on the Florida State University campus in Tallahassee, Commercial Observer can first report.
The senior financing, from Pacific Life Insurance Company, will go toward building two mid-rise buildings across from Legacy Hall, the future home for the FSU College of Business, which is expected to be completed in spring 2026.
In all, the housing development, called The Hall, will feature 191 apartments with 674 beds as well as 452 parking spaces and 7,689 square feet of ground-floor retail. Amenities will include rooftop pool and gym.
Construction is expected to be completed before the start of the 2026-2027 academic year. TSB Capital Advisors was the financial adviser to Portman and 908 Group in the deal.
The Hall will benefit from being in a federally designated opportunity zone, a program which grants tax breaks for investment in economically distressed communities.
As the pandemic has waned and students have returned to campus, student housing has become a hot commodity among developers and real estate investors, who often rely on parental guarantees for steady income.
Julia Echikson can be reached at jechikson@commercialobserver.com.
