Seminole Financial Services announces today the closing of a mezzanine loan in the maximum amount of $12.2 Million to fund the construction of a 159-unit (718-bed) student housing community serving students at Arizona State University (ASU), known as The Cottages of Tempe in Tempe, Arizona. The project will be situated on a 14.6-acre parcel in Tempe, Maricopa County, Arizona, approximately two miles due west of the academic center of the ASU campus. Using various building elevations, the community will be constructed of approximately thirteen different “cottage-style” designs of varying sizes, including standalone cottages, duplex cottages and townhouses.
Originally founded in 1885, ASU is a national space-grant institution and public metropolitan research university located on four campuses across the Phoenix, Arizona metropolitan area. Based on current enrollment figures at this writing, ASU is the largest public university campus in the United States.