$176.6 million loan will finance student housing near University of Central Florida
Key Highlights
- The $176.6 million loan supports the development of Place at Alafaya, a luxury student housing project near UCF.
- The development includes 484 units, 1,395 beds, and extensive amenities such as pools, sports courts, and a clubhouse.
- Phased construction will deliver the first phase before the 2028-29 academic year, with a second phase following.
- The project aims to meet the increasing demand for purpose-built student housing close to university campuses.
- Amenities are designed to attract students with features like gaming areas, outdoor lounges, fitness centers, and shuttle services.
Affinius Capital recently announced that it has originated a $176.6 million construction loan to finance a new student housing development near the University of Central Florida in Orlando.
The loan, made to Beachwold Residential, led by Gideon Friedman, will support development of Place at Alafaya Phase I and II, a planned four-building, four-story student housing property with 484 units, 1,395 beds, and 1,301 parking spaces. The development will be built near the UCF campus and is intended to serve the university’s growing student housing market.
“This development aligns with our strategy of financing high-quality student housing with top-tier sponsorship at leading universities,” said Tyler Figley, senior vice president at Affinius Capital in a press release. Figley noted that the project’s location near campus makes it a strong opportunity to deliver purpose-built student housing tied to UCF’s continued growth.
Development planned in two phases
Phase I is being planned as a two-building, four-story property with 284 units, 809 beds, and 767 parking spaces, and is expected to be delivered before the 2028-29 academic year. Phase II will follow in the subsequent acadademic year and will include 200 units, 586 beds, and 534 parking spaces.
The property also will include a three-story, 16,000-square-foot standalone clubhouse with the latest in amenities, including a coffee bar, social and study lounges, gaming and theater areas, and a top-floor fitness and wellness center with a sauna and cold plunge. Further, planned outdoor and shared amenities take their cues from luxury resorts such as lagoon-style pools with cabanas, multiple courtyards, pickleball courts, a half-court basketball area, dog parks, outdoor fitness equipment, private study rooms, game rooms, outdoor TVs, turf lounges, barbecue areas, walking trails, and shuttle service to the UCF campus.
Why this matters
This project reflects the continued demand for purpose-built student housing near large university campuses. For higher education leaders and campus planners, off-campus developments such as Place at Alafaya can affect housing availability, student recruitment, transportation planning, parking demand, and the overall campus-area experience while offering high-end amenities to attract residents.