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Pacific Life Lends $73M to Build FSU Student Housing in Tallahassee
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.
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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.Â
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.Â
Julia Echikson can be reached at jechikson@commercialobserver.com.Â
Florida State University, FSU College of Business, The Hall, 908 Group, Canyon Partners Real Estate, Portman, PTM Partners
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