Buyer: Varsity Capital Advisors (www.varsitycap.com)
Seller: Sumner Properties
Location: Durham, New Hampshire
Campus: University of New Hampshire (student population: 12,300)
Price: $20.2 million
Debt financing: ABN AMRO Bank NV/LaSalle
Equity: Varsity Capital Advisors (VCA)
Broker: Goedecke & Co. Zuckerberg Investment Partners
Quote: “As for VCA’s preferred deal size and characteristics, Buttarazzi says the northeast and mid-Atlantic states will garner the greatest attention at first, although assets in the southeast will be considered.”
DURHAM, NH-Gaining admission to a niche where they see strong potential, an affiliate of Varsity Capital Advisors has acquired a 13-building block of student housing near the University of New Hampshire’s flagship campus. Varsity Durham LLC paid Sumner Properties $20.2 million for the complex in a deal that marks the beginning of a buying/development spree in small- and mid-sized college towns, says VCA principal John Buttarazzi.
Full Article Text:
http://www.globest.com/news/878_878/boston/159509-1.html
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