New York

Binghamton, N.Y. — Vesper Holdings has acquired 20 Hawley, a 290-bed student housing community located near Binghamton University in New York. The community offers a mix of one-, two-, three-, four-, five- and six-bedroom units with bed-to-bath parity. Shared amenities include a fitness center, yoga studio, golf simulator, game room, movie theater, study lounges, a business center, hot tub and an outdoor lounge with grilling stations. Berkadia arranged the transaction, terms of which were undisclosed. Vesper plans to execute $1.8 million worth of renovations at the property, to include  upgrades to …

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Ithaca, N.Y. — DMG Investments has acquired and rebranded Gun Hill Residences, a 273-bed community located near Cornell University in Ithaca. Now known as Auden Ithaca, the property is set for renovations including the addition of new kitchens and upgraded flooring and a complete refresh of the sales office. Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank arranged the transaction, terms of which were undisclosed. DMG acquired the property from GunHill Property LLC, an affiliate of Morgan Management LLC. In May, several officers of Morgan Management, including the …

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New York City — Jetty, a financial services company with a focus on removing financial barriers to renting, has launched Student Housing Express, a platform designed to speed up and simplify the leasing process at student housing properties. The new platform enables student housing properties to use the New York City-based company’s Jetty Lease Guaranty to instantly approve qualifying students who aren’t able to get a traditional guarantor. These applicants are typically either U.S. residents without their parents’ financial backing or foreign national students whose parents will not qualify as guarantors because …

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New York City — Pebb Capital and TriArch Real Estate have received a $27.5 million loan from Valley Bank for the development of a 14-story student housing community in the Morningside Heights neighborhood of Manhattan. Construction began on the property in March 2018, with delivery set for fall 2020. The community will serve students at Columbia University. Valley Bank previously provided $14.2 million in financing for the project, bringing its total investment to $41.7 million.

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Ithaca, N.Y. — SunTrust Banks has arranged $13.3 million in acquisition financing for Gun Hill Residences, a 273-bed student housing community located near Cornell University in Ithaca. Yuchen Yang and Artin Anvar of SunTrust worked on behalf of the borrower, DMG Investments, to secure the financing through Freddie Mac. The loan features a 10-year term with a 30-year amortization schedule. 

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New Rochelle, N.Y. — Marcus & Millichap Capital Corp. has arranged a $16 million loan for the refinancing of a 282-bed student housing community located at 17 Locust Ave. in New Rochelle, a northern suburb of New York City. The newly built, 94-unit property serves nearby Monroe College. Steven Rock of Marcus & Millichap arranged the loan that was originated at a 65 percent loan-to-value. The loan features a fixed interest rate of 4.98 percent as well as 18 months of interest-only payments. The borrower was not disclosed.

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