Portman, 908 Group, Canyon Partners and PTM Partners Form Joint Venture to Develop Student Housing Project in Tallahassee, Florida

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Aug 23, 2024, 09:35 ET

Joint venture will introduce The Hall, a qualified opportunity zone project on the Florida State University Campus

TALLAHASSEE, Fla., Aug. 23, 2024 /PRNewswire/ -- Portman, 908 Group, Canyon Partners Real Estate LLC and PTM Partners have announced the formation of a new joint venture to develop a student housing project ("The Hall") on the Florida State University ("FSU") campus across from Legacy Hall, the future home for the FSU College of Business, currently under construction with completion scheduled for spring 2026. The joint venture secured a $73.3 million senior construction loan from Pacific Life Insurance Company.

The Hall is a Class-A student housing project located in a qualified opportunity zone. It will feature 191-units and 674 beds across two mid-rise buildings, with 452 parking spaces and 7,689 square feet of ground floor retail. The General Contractor is FavorGray. Construction is expected to be completed prior to the start of the 2026-2027 academic year.

The Hall will bring a luxury residential experience immersed within the FSU campus, with amenities including a rooftop pool, high-speed Wi-Fi, and a state-of-the-art fitness center. Residents will benefit from immediate proximity to the new Legacy Hall of Business facility, expected to be the largest academic space on campus. The Hall is also a 10-minute walk from FSU's main campus, and central to a variety of key retail offerings including restaurants and fitness studios.

"Today's students expect the best in their living experience, and Portman has a proven track record of delivering top-of-the-line residential communities that do just that," said Portman Senior Vice President Rodney King. "We are entering the market with a solid deal to deliver a high-quality student housing project at one of the southeast's most prominent college campuses. We are bullish on student housing and are currently pursuing several deals at top-tier universities that will break ground in 2025."

TSB Capital Advisors acted as the financial advisor to Portman and 908 Group in the deal.

About Portman
Portman Holdings, LLC, a renowned real estate development company, boasts a seven-decade legacy of high-quality projects across three continents. Founded by the visionary architect John C. Portman Jr., who pioneered the architect-as-developer model, the company has shaped the global landscape with extensive mixed-use developments.

Currently under the leadership of Chairman and CEO Ambrish Baisiwala and President John Portman IV, Portman Holdings continues to set the standard of excellence in the development of office, residential, industrial, hospitality, retail, and mixed-use developments across the US. Each line of business is led by a Managing Director and supported by a corporate structure.

To learn more about Portman, visit portmanholdings.com.

About 908 Group
908 has delivered over $1 billion in purpose-built student housing projects across the country consisting of 18 projects and 9,022 beds, including 2,443 beds at Florida State University. Visit www.908group.com for more information about the firm.

About Canyon Partners, LLC
Founded in 1991, Canyon Partners Real Estate LLC ("Canyon") is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with approximately $25.9 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.3 billion of debt and equity capital across over 180 transactions capitalizing approximately $21.2 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com.

About PTM Partners
PTM Partners (PTM) is a real estate investment and development firm that seeks community-oriented development opportunities that create substantial value for its residents, partners, and investors. Initially focused exclusively on Qualified Opportunity Zones, PTM has become one of the largest Opportunity Zone fund managers in the country. Founded by Nicholas Pantuliano, Michael Tillman, and Scott Meyer, all former senior executives of the Lefrak Organization, PTM focuses on making investment decisions that balance reputation and long-term profitability over short-term revenue maximization. The PTM team has collectively invested, developed, constructed, and managed more than $20 billion in real estate covering a broad range of mixed-use development projects in Florida, New Jersey, New York, and Washington, D.C. For more information, please visit www.ptmpartners.com.