Seminole Financial Services, LLC (“Seminole”) announced today the repayment of an $8.5 million investment in a 220-unit, 683-bed student housing development in the East Lansing, Michigan area.
Seminole’s investment, made in July, 2010, helped enable Capstone Development Corporation (“Capstone”) of Birmingham, AL to construct a student housing facility, The Lodges of East Lansing, approximately one-half mile from the eastern most border of Michigan State University. The development opened for the fall semester in August and became home to 683 students, representing 99.9 % lease occupancy by the time classes started for the current semester.
Capstone is an award-winning leader in the development of student housing throughout the country. The Michigan State project was one of nine new or newly renovated Capstone-developed housing communities that opened to students this fall.
For information about this and other financing, please contact Ron Campbell, Executive Vice President for Seminole Financial Services, at (727) 331-8441 or at
Seminole Financial Services, LLC (SFS) is the operating entity of the six companies that collectively make up the Seminole Companies (Seminole). SFS is responsible for originating, underwriting, servicing and providing asset management for the debt and equity investments originated for institutional investors managed by sister company, Seminole Advisory Services, LLC (SAS). SAS is a registered investment advisor with the SEC and presently has several hundred million dollars in assets under management. SFS provides debt and equity investments for commercial real estate and renewable energy transactions nationwide, specializing in short and intermediate term investments.
Capstone Development Corp. is one of the various companies comprising “The Capstone Companies.” Headquartered in Birmingham, Alabama, and now in its 21st year of business, Capstone Development Corp. is the nation’s most active development partner with colleges and universities, having been selected to partner with 61 institutions to develop 38,500 beds on campus/campus affiliated housing. Capstone Development Corp.’s total on and off campus housing experience reflects over $3.0 billion in project costs/value, and 61,919 beds.