The Prime Company (TPC) has secured $111 million in fixed-rate financing from affiliates of Apollo for a portfolio of five student housing properties across four states.
TPC developed each of the five properties over the past 10 years. The five student housing assets total 998 units with 1,778 beds. Prime Place Stillwater 213 and 312, built in 2015 and 2016, respectively, are located near Oklahoma State University and feature a combined 835 beds.
At the University of Nebraska, Prime Place Lincoln was built in 2016 and had 226 beds. The Arrow, built in 2018, is located near the University of Minnesota and features 459 beds. The Urban, built in 2020 and offering 258 beds, is situated near Ohio State University.
The financing package provided by Apollo affiliates represents the first transaction between the companies and is the largest single financing in TPC’s 20-year history. “We are excited about the newly established relationship with the team at Apollo and to complete this transaction, which enabled us to secure attractive financing on a fixed-rate basis and free up a significant portion of our invested equity to be redeployed across our portfolio,” said Zane Sweet, VP of Capital Markets for TPC.
The Prime Company is a real estate development company, specializing in building student, market, and affordable multi-family projects as well as residential homes across the United States. We are experts in all stages of the development process from land acquisition and investment strategy, to architectural design, general contracting, and property management. The company’s unique vertical integration model allows them to best control costs, increase efficiencies, and focus on executing complex real estate developments.
