ACC Closes In On $863M Deal For 19 Student Housing Sites

Law360, New York (October 25, 2012, 1:48 PM EDT) -- American Campus Communities Inc. has nearly completed due diligence on its proposed $862.8 million deal for 19 student-housing properties, it said Thursday, pushing the developer closer to finalizing a purchase of the assets from private equity firm Kayne Anderson Capital Advisors LP.

In the deal, ACC would absorb $396.2 million in outstanding mortgage debt tied to the residences and pay the rest in cash, backed by a mix of on-hand funds, new debt and the potential sale of equity securities.

The bundle includes 19 student-housing complexes...
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