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.
Big Rapids, Mich. — Triad Real Estate Partners has arranged the sale of Tioga Park, a 151-bed student housing community located near the Ferris State University campus in Big Rapids. Developed in 2006, the property offers 44 units in two-, three-, four- and five-bedroom configurations. Each unit offers bed-to-bath parity. The property was fully leased at the time sale. Three Nails Capital acquired the community for an undisclosed price and plans to begin significant renovations imminently. The seller was an unnamed local partnership. Shared amenities at the community include a fitness …
Detroit — Berkadia has announced that Managing Director Aaron Moll will lead the mortgage banking arm of the company’s student housing division. Moll will be based in the firm’s Detroit office and will work with borrowers and lenders in the student housing space, while continuing to partner with the leader of Berkadia Student Housing’s investment sales arm, Senior Managing Director Kevin Larimer. Over the course of his career, Moll has been involved in over $3 billion in loan origination volume. “I’m excited to start this new chapter at Berkadia,” says …
Southfield, Mich. — Southfield-based commercial real estate firm Farbman Group has launched Campusville, a comprehensive student housing property management, maintenance, development, construction and investment sales platform. The firm says it recognizes the need for innovative solutions to meet the changing demands of university living. Campusville’s mission is to enhance the quality of life for students by offering modern accommodations that foster a sense of community and provide convenient access to campus resources and local amenities.
Houghton, Mich. — A public-private partnership between RISE: A Real Estate Co. and Michigan Technological University has announced plans to develop East Hall on the university’s campus in Houghton. The 516-bed project will be located at the university’s east entrance and will be targeting LEED Silver certification upon completion. The residence hall will offer semi-private suites in single- and double-occupancy configurations with bathrooms in each unit. Shared amenities will include study areas, community lounges, a gaming room, laundry services at no additional cost, communal kitchens on each floor, a fitness …
Ann Arbor, Mich. — American Campus Communities (ACC) is underway on the development of a $631 million student housing project at the University of Michigan in Ann Arbor. Plans call for a new residential community with five residence halls totaling 2,300 beds and a 900-seat dining facility, the largest of its kind among academic institutions, according to ACC. The university engaged ACC in a public-private partnership to lead the development of the project, which is situated on Central Campus between East Hoover Avenue and Hill Street. RAMSA is serving as …
Ann Arbor, Mich. — Subtext has broken ground on VERVE Ann Arbor, a 729-bed student housing development located near the University of Michigan campus in Ann Arbor. The 13-story tower will span 350,000 square feet and offer 217 units. Shared amenities are set to include a fitness center, co-working spaces and a rooftop swimming pool. A timeline for the project was not announced. The development team includes WDG Architecture and Brinkmann Constructors.
East Lansing, Mich. — Berkadia has arranged the sale of The Rocks, a 376-bed student housing community located near the Michigan State University Campus in East Lansing. The garden-style property was built in 2015 at 16970 Chandler Road. The community offers a mix of one-, two-, three- and four-bedroom units. Kevin Larimer and Brandon Buell of Berkadia represented the seller, Nuveen Real Estate, in the transaction. Centurion Property Group and IDE ideas en desarollo acquired the property for an undisclosed price. Aaron Moll of Berkadia’s commercial mortgage team arranged a fixed-rate, …
Ann Arbor, Mich. — CBRE has brokered the sale of two student housing communities located adjacent to the University of Michigan campus in Ann Arbor. Kayne Anderson Real Estate purchased both properties from Campus Apartments for an undisclosed price. Acquisitions include Six11, a 350-bed high-rise community; and The Yard, a 594-bed community. Jaclyn Fitts, Williams Vonderfecht, Casey Schaefer, Jack Johns and Hank Carpenter of CBRE arranged the transaction. Built in 2018, Six11 offers shared amenities including a fitness center, study lounge, penthouse lounge, rooftop terrace and fire pits. The Yard …
Ann Arbor, Mich. — Archway Capital has provided a $4 million loan for the refinancing of a three-property student housing portfolio serving the University of Michigan in Ann Arbor. The portfolio totals 60 units. The borrower has owned the portfolio for more than 40 years. The two-year loan features a 50 percent loan-to-value ratio.
