Joint Venture Begins Construction on Highly Amenitized Student Housing Community at the University of Florida

6/21/17

Batson-Cook Development Company, 908 Group, and Kayne Anderson Real Estate Advisors have broken ground on The NINE @ Gainesville, a purpose-built student housing development serving the students of the University of Florida, located at 1115 13th Street.

The NINE @ Gainesville is less than a quarter mile from campus along the 13th Street corridor. The wood-frame student housing project will have 627 beds and total 216,540 square feet. It will have 1, 2, 3, 4 and 5-bedroom units, all fully furnished, with private bathrooms, in-unit washers and dryers, stainless steel appliances and private balconies.

“We are thrilled to be underway on The NINE @ Gainesville and to launch this project with 908 Group,” said Litt Glover, CEO and President, BCDC. “This location is unmatched in its proximity to the university, and with our team’s experience in student housing, we will be delivering a highly amenitized, desirable project that will appeal to UF students.”

The project will feature a resort-style swimming pool, state-of-the-art fitness center, interactive study rooms and community café. There will also be a structured parking deck with 420 spaces. The $54 million project is currently underway with completion anticipated in summer of 2018 in time for fall classes.

Kayne Anderson Real Estate Advisors, BCDC and 908 Group are providing equity and PNC Bank is providing construction financing. Arco Murray Construction Co. is the general contractor. The NINE @ Gainesville is designed by Forum Architecture and Design in Altamonte Springs, Florida.

Atlanta-based BCDC (Batson-Cook Development Company) has long partnered with best-in-class developers on high profile projects including Novare Group and the SkyHouse program, which has grown to 17 luxury mixed-use towers across the Southeast and Midwest with an overall value of more than $1.5 billion and Principal Senior Living’s Benton House program, which includes health care facilities in Florida, Georgia and South Carolina. In late 2016, BCDC announced a partnership with Ascentia Development Group to build a 24-story luxury condominium tower on Bayshore Boulevard in Tampa, Fla.

TSB Capital Advisors consulted 908 Group and Batson-Cook Development Company on the joint venture with Kayne Anderson, and assisted with procuring the senior loan through PNC Bank.

About BCDC

Founded in 1963, Batson-Cook Development Company is a wholly owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, Batson-Cook Development Company offers a wide variety of real estate services from development and construction to equity and credit enhancements, to brokerage and property management. Visit  www.batsoncookdev.com from more information.

About 908 Group

908 Group is a boutique real estate development services firm specializing in urban infill, multifamily and mixed-use projects. The firm’s focus is to create highly unique properties and innovatively functional living spaces through the utilization of cutting edge architecture, design and technology. A primary point of emphasis is for each distinctive project to achieve a delicate balance between form and function. It focuses on developing institutional-quality apartment communities, concentrating on markets that exhibit underserved housing needs, while utilizing “best in class” planning and construction practices, emphasizing high-end finishes, distinctive design elements and a full complement of amenities. Visit  www.908group.com for more information about the firm.

About Kayne Anderson Real Estate Advisors

Kayne Anderson Real Estate Advisors is a leading real estate private equity investor in off-campus student housing, senior housing and medical office buildings. Kayne Real Estate has raised dedicated real estate private equity funds totaling approximately $5 billion in commitments. Kayne Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $26 billion alternative investment management firm (AUM as of 3/31/17) with more than 30 years of successful experience in the energy, infrastructure, growth capital, real estate, and middle market credit sectors. For more information, visit  www.kaynecapital.com/strategies/real-estate-private-equity.

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