Finance

Chris Epp of Walker & Dunlop, Student Housing Fundamentals quote from article

Student housing is capturing the attention of developers, investors and institutional lenders as university enrollment and record rent gains position the sector to outperform other property types. That’s one of the dominant themes evident in Walker & Dunlop’s recently released 2024 Student Housing Outlook. Although transaction volume declined to $5.7 billion in 2023 from the previous year’s all-time high of $24 billion, strong operating fundamentals are attracting new entrants to the sector, including institutional investors and lenders. “Student housing is entering a resurgence where we predict continued outperformance relative to …

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Nine-Central

Orlando, Fla. — TSB Capital Advisors has secured acquisition financing for Nine at Central, a 764-bed student housing community located near the University of Central Florida campus in Orlando. QuadReal provided financing to the borrower, L3 Campus, for the acquisition. Delivered in 2023, the community offers a mix of one-, two-, four-, five- and six-bedroom units with bed-to-bath parity. Each unit features a 55-inch smart television, private balcony, energy-efficient stainless-steel appliances and Bluetooth integrated washers and dryers. Shared amenities include a swimming pool, hammock garden, outdoor barbecues, a wet bar, poolside …

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Summit on Juniper at Dartmouth College TMO The Michaels Organization. (Photo credit to Robert Smith of The Michaels Organization).

As housing costs rise, colleges, universities and developers are teaming up to address a widening affordability gap at their campuses by making housing available and attainable for the population that needs it. One of the developers leading this charge is The Michaels Organization, which is applying lessons learned in its 50 years of affordable housing development to create student housing dedicated to serving students, faculty and staff who would struggle to pay market rent. Student Housing Business queried Ned Williams, executive vice president of development at The Michaels Organization, about …

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Twin-River

Binghamton, N.Y. — TSB Capital Advisors has arranged the refinancing of Twin River Commons, a 371-bed student housing property located near the State University of New York (SUNY) at Binghamton campus in Binghamton. The floating-rate loan was secured on behalf of the borrower, Harrison Street. The community offers units in studio through four-bedroom configurations with bed-to-bath parity. Shared amenities include a state-of-the-art fitness center, complimentary Wi-Fi, clubhouse, fireplace lounge with billiards and games, package lockers and an outdoor courtyard and kitchen. Further details on the financing were not disclosed. 

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District-Capital

Michigan — District Capital has arranged a $7.7 million loan for the refinancing of a 108-bed student housing scattered site portfolio located near an undisclosed Big Ten campus in Michigan. A life insurance company provided the 30-year loan, which features a 30-year amortization schedule. Dave Dismondy of District Capital arranged the loan on behalf of the undisclosed borrower.

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Theory-U-District-Seattle-WA

Seattle — PGIM Real Estate has provided a $53.5 million floating-rate loan to Blue Vista Capital Management for the refinancing of Theory U District, a student housing community in Seattle. Serving students attending the University of Washington, the seven-story property offers 171 fully furnished units totaling 441 beds. Units are offered in studio, one-, two-, three-, four- and five-bedroom configurations and feature bed-to-bath parity. Loan proceeds will be used to refinance the construction loan, covering closing costs and repatriating sponsor equity. Craig Foreman of PGIM Real Estate closed the financing. Shared …

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Wolf-Creek

Jonesboro, Ark. — Hillcrest Acquisitions has acquired Wolf Creek, a 192-unit student housing community located at 500 North Caraway Road near the Arkansas State University campus in Jonesboro. The community is set to undergo $4.4 million in renovations and will be converted into conventional multifamily. Marc Tropp of Eastern Union secured $12.05 million in financing through Bay Vanguard on behalf of Hillcrest for the acquisition of the property from an undisclosed seller. The five-year mortgage loan features interest-only payments for 24 months during renovations and lease-up. Once the property is …

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VERVE

New Brunswick, N.J. — TSB Capital Advisors has arranged a refinancing for VERVE, a 696-unit student housing community located near Rutgers University’s main campus in New Brunswick. The fixed-rate loan, which features a future funding component, was provided by an affiliate of QuadReal Property Group. VERVE is owned by a joint venture between The Scion Group and PGIM Real Estate. Constructed in 2020, the community offers single- and double-occupancy units in studio through five-bedroom configurations. Shared amenities include a state-of-the-art fitness center, private and group study lounges, gaming spaces, a …

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99-Claremont

New York City — A joint venture between Charney Cos. and Criterion Real Estate Capital has acquired 99 Claremont Avenue, a seven-story student housing community located in the Morningside Heights neighborhood of Manhattan. The new ownership plans to renovate the 92-year-old building, which rises seven stories. Madison Realty Capital provided a $55 million bridge loan for the acquisition and renovation of the community. 

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The-Aves

Orlando, Fla. — Harrison Street has recapitalized The Aves at Twelve 100, a student housing community located adjacent to the University of Central Florida campus in Orlando. The transaction was executed via a new joint venture with The Scion Group. The property was originally acquired by Harrison Street in 2011 and recently underwent extensive renovations. The community offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include four resort-style swimming pools; a 24-hour fitness center and yoga studio; private study rooms; a business center; community …

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