Seminole Financial Services, LLC (“Seminole”) announced today the closing of a $5-million investment to purchase and renovate a 280-unit (520 beds), multifamily project adjacent to the campus of Kent State University (“KSU”) known as University Oaks in Kent, Ohio.
Seminole’s investment will enable Capstone Development Corporation (“Capstone”) to renovate the facility, originally constructed in the mid-1960s and previously operated as a 55 and older community for the past three decades. Capstone believes Silver Oak’s location, adjacent to the University, and apartment-style design will be an attractive alternative for KSU upperclassmen and graduate students. Renovations are expected to begin immediately with completion by early August 2012, in time for the Fall 2012 semester at KSU.
Capstone is an award-winning leader in the development of student housing. Capstone has developed housing for over 35,000 students on 57 campuses nationwide.
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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.