Berkadia announces it has secured a $62 million stretch senior loan for the acquisition of Nine East 33rd, a 157-unit/568-bed off-campus student housing property located right across the street from the main entrance of Johns Hopkins University in Baltimore, MD. Aaron Moll of Berkadia Student Housing and Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu of Berkadia Joint Venture Equity & Structured Capital arranged the loan from PIMCO, on behalf of HH Fund, a vertically integrated off-campus student housing owner/operator based out of Silver Spring, Maryland.
“Our team is excited to assist HH Fund as they grow their platform and look forward to assisting them on their future pipeline,” said Bhatt. “We are always aiming to partner up the most competitive sources of capital with the best-in-class owners.”
“Berkadia JV Equity & Structured Capital demonstrated a thorough understanding of the capital markets along with the student housing sector and identified the ideal capital partner in PIMCO to help us achieve our goals,” said Gary Chen, CFO of HH Fund.
Built in 2016, Nine East 33rd is the newest student housing property located right across the street from the main entrance of Johns Hopkins University with top-notch amenities, and is considered as the closest, newest and highest-quality off-market living option for students by providing specific rental terms, all-inclusive utilities and student featured amenities such as private study rooms and clubhouse. The property consists of 157 units/568 beds and 30k sf of fully occupied eight ground level retail spaces by trendy restaurants, coffee shops and anchor tenants such as CVS and Chase Bank.
Nine East 33rd represents HH Fund’s fourth community in Baltimore.