Author Archives: ipgocorp

Fed's Kashkari unveils plan to tackle 'too big to fail' banks and funds

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(RECAP: Minneapolis Federal Reserve President Neel Kashkari unveiled a plot on Wednesday to prevent future government bailouts by forcing the largest U.S. banks to hold so much capital that they would probably choose to break themselves up. Kashkari’s plot would also penalize large asset managers, with the thought that so-called “shadow banks” can make systemic risks similar to that of huge banks. The plot, which would double the amount of loss-absorbing equity capital for large U.S. banks and impose a new tax on hedge funds and other asset managers, is sure to face fierce opposition from Wall Street. Lawmakers such as Texas Rep. Hensarling, who runs the House Financial Services Committee, have also argued for ratcheting up capital requirements to a level that would prompt huge banks to split apart. Senate Banking Committee members Sherrod Brown, a Democrat, and David Vitter, a Republican, have also introduced legislation seeking to raise capital requirements.)

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Leesburg Council approves South King Street mixed-use development

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(RECAP: A mixed-use community with 64 residential units and 7,100 square feet of commercial appears poised for development in downtown Leesburg. Town Council on Tuesday night unanimously approved a special exception application for the project known as South King Street, located on nearly three acres on the east side of South King Street. The complex is being developed by Donald Knutson, one of the builders at the recently opened Crescent Place community along nearby Harrison Street. Knutson plans to demolish seven of the eight existing structures to build four four-tale buildings. Those structures will include residential living, commercial space and recreation amenities.)

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Saban Adds Over 12,000 Beds to Portfolio with Acquisition of 19 Student Housing Communities

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LOS ANGELES, CA – Saban Real Estate, in partnership with Campus Advantage, has completed the acquisition of nineteen student housing communities from American Campus Communities in a transaction valued at $508 million. The 12,083-bed portfolio includes properties serving students at Penn State University, Michigan State University, Louisiana State University, University of Missouri, University of Indiana, University of South Carolina, University of Alabama, Florida State University, University of Alabama-Birmingham, East Carolina University and Western Michigan University.

With this acquisition, Saban and CA collectively own and/or operate a portfolio of over 35,000 beds across 40 universities, making them the 4th largest owner/operator of off-campus, purpose-built student housing communities in the US.

“We’re excited to partner with Campus Advantage, one of the industry pioneers in student housing and to once again work with American Campus Communities in the acquisition of a significant portfolio of well-located, institutional quality student housing properties,” said Philip Han, Chief Investment Officer at Saban Real Estate. “We are confident that together with Campus Advantage, we will be able to continue the legacy of quality ownership that American Campus Communities is known for and look forward to delivering an unsurpassed housing experience for all of our student residents.”

CA will take over management from ACC in three phases during the next five months as well as implement a capital investment plot of approximately $30 million to reposition and rebrand the properties. Today, CA assumed management on the first phase of assets which include eight tier one university student housing properties for the University of Missouri, Louisiana State University, and the University of Alabama.

“We are excited about the opportunity to once again work with American Campus Communities with whom we’ve done three previous acquisitions and to partner with Saban Real Estate in building a platform for future acquisitions,” said Mike Peter, President and CEO for Campus Advantage. “As one would expect from a first class operator such as American Campus Communities, these were well run, well maintained assets. The properties will benefit from a fresh set of eyes, new programs, upgraded amenities, and approximately $30 million in capital improvements that will provide enhanced, supportive communities for students. I am also proud to say that, with this transaction, CA has become one of less than a handful of privately-held companies in its industry to buy over $1.2 billion in portfolio assets.”

“We are proud to partner with one of the top student housing operators in the country, on acquiring this significant portfolio,” said Bowen Hsu, Managing Director for Saban Real Estate. “We look forward to a long and prosperous relationship with Campus Advantage as we grow our investment platform together.”

Saban and CA were represented by Holliday Fenoglio Fowler in securing financing from Fannie Mae. HFF’s debt placement team was led by directors Robert Wooten and Casey Wenzel.

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