Global Student Accommodation Secures $550 Million in Financing Facilities Across U.S.

by Katie Sloan

New York City — Global Student Accommodation (GSA) has secured four financing facilities across the U.S. totaling $550 million. The facilities are placed with Pacific Life Insurance Co., J.P. Morgan, TD Bank, PGIM Real Estate and PNC Agency Finance, and provide access to Freddie Mac financing.

The new facilities cover over two-thirds of GSA’s U.S. student housing portfolio, which is held in a joint venture partnership with a fund advised by Morgan Stanley Real Estate Investing. The financings offer a mix of fixed- and floating-rates. TSB Capital Advisors acted as debt advisor on the transaction.

“I am delighted to start 2023 having secured these financing facilities with new lending partners,” says John Jacobs, global head of capital markets at GSA. “The ability to close the transactions in the current economic climate is testament to the strength of the JV, reflecting its ability to develop new and deep relationships with lenders, and the stability of the underlying portfolio. This also highlights the robust characteristics of the student housing sector, with its ability to perform through cycles, as lenders continue to prioritize borrowers with high quality assets and a proven track record.”

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