DAMG Worldwide, through its affiliate companies, has arranged the sale of the Village Lindo Paseo Student Housing Project in San Diego, CA, to the Public Finance Authority for $71.3 million.
Jan 2, 2014, Westport, CT Diversified Asset Management Group Worldwide (DAMG), through its structured student housing financing program has arranged the sale of Village Lindo Paseo Student Housing Project (VLP). VLP, a new state-of-the- art student housing facility located adjacent to the San Diego State campus includes a unique food service element along with private accommodations and secured assigned on-site parking for students.
Said Joseph Piscitell, CEO of DAMG Worldwide, "We've developed this real estate driven product to assist both developers and higher education institutions to provide needed student housing in a financially efficient manner. We are pleased that this completed transaction validates our business model."
“We are pleased that this completed transaction validates our business model.”
“Our team was outstanding” said Piscitell, “With Deutsche Bank as financier, Orrick Herrington as bond counsel and BLX as financial advisor, we hope to complete a number of these transactions in the current year.”
“We were delighted with the results of this innovative transaction” said A. Erich Aragon of General Partner of VLP, "Our goal was to create an innovative student housing product, which in turn required an innovative solution, and DAMG Worldwide provided the needed guidance and expertise to make our goal a reality."
“DAMG Worldwide provided the needed guidance and expertise to make our goal a reality.”
About DAMG: DAMG Worldwide has been in the infrastructure finance and development business for over 20 years. It has been a thought leader in privatization and creative financing solutions for the transportation industry, social infrastructure and alternative energy arenas. DAMG's participation has included owning, financing and operating MRO, FBO, cargo and airport facilities; developing and financing student housing projects; and developing and financing alternative energy projects. With offices in Westport, CT; Los Angeles, CA; and London, UK, DAMG has the global reach to provide capital and creative financing solutions throughout the Americas and Western Europe. For more information please visit www.damgworldwide.com.
About Suites on Paseo: Suites on Paseo is a development sponsored by the Strategy Builders of San Diego, CA, an affiliate of Midwest General, a full service commercial construction company. The Company has been involved in the most influential creative projects in the San Diego area including Thomas Jefferson School of Law, the Deca Condominiums & Retail Development, the Columbia Parking Garage and now, the Suites. For more information, please visit www.midwestgerenal.com
About Public Finance Authority: Public Finance Authority is a government entity established to issue tax-exempt conduit bonds for public and private entities nationwide. For more information, please visit www.pfauthority.org
About San Diego State University: San Diego State University is the oldest and largest higher education institution in the San Diego region. Each year SDSU provides more than 30,000 students the opportunity to participate in an academic curriculum distinguished by direct contact with faculty and an increasing international emphasis, preparing them for a global future. For more information, please visit www.sdsu.edu