REBusinessOnline

Avison Young Brokers $68M Sale of Development Site on Upper East Side

NEW YORK CITY — Avison Young has arranged the $68 million sale of a development site on the Upper East Side of Manhattan for $68 million. Located at 1393 York Ave., the property has a floor area of 112,420 square feet. Avison Young represented the seller, The Church of the Epiphany, in the transaction. The buyer was Weill Cornell Medical College, which plans to build housing for medical students at the site. As part of the transaction, The Church of the Epiphany will remain at 1393 York …

UC Davis, University Student Living Break Ground on 3,300-Bed Residential Complex

DAVIS, CALIF. — A public-private partnership between the University of California, Davis and University Student Living has broken ground on a student housing complex that will add 3,300 beds to the university’s West Village neighborhood. The first 1,000 beds of the project are expected for completion in fall 2020. The joint venture recently announced the closing of $575 million in financing, which comes from the proceeds of a tax-exempt bond sale. The new complex, set on 34 acres, …

Vie Management, Middle Eastern Investor Acquire 2,059-Bed Student Housing Portfolio in Six States for $134.6M

MIAMI— A joint venture between Miami-based Vie Management and a Middle Eastern asset manager have acquired a six-property student housing portfolio totaling 911 units and 2,059 beds. The purchase price was $134.6 million. The properties are located in six states and include: University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama.University View, a 55-unit property serving Florida Atlantic University in Boca Raton, …

Hunt Real Estate Capital Provides $15.5M Refinancing for Student Housing Property in Michigan

BIG RAPIDS, MICH. — Hunt Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Campus Creek Cottages in Big Rapids. The 368-bed student housing property is comprised of several two-story buildings. Phase I opened in April 2017 and Phase II is scheduled to open in August. The borrower, GFJ BR Cottages LLC, developed the property. Ben Greemann of Greemann Capital arranged the loan. The property mainly serves students at Ferris State University. …

Joint Ventures Breaks Ground on 1,605-Bed Student Housing Community Near Utah Valley University

OREM, UTAH — A joint venture between PEG Cos. and Woodbury Corp. has broken ground on The Green on Campus Drive near Utah Valley University in Orem. The five-building community will offer 1,605 beds and feature a pedestrian tunnel for direct, walkable access to campus. Phase I of development will include the construction of the first three buildings, set to open in fall 2020. The remaining two buildings are scheduled to open in fall 2021. R&O Construction is the general …

Alliant: Communication is a Commodity in Today’s Lending Environment

  Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market.Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like …

Preiss, Crow Holdings Acquire 694-Bed Student Housing Community in San Antonio

SAN ANTONIO — Raleigh, N.C.-based The Preiss Co., in a joint venture with a fund advised by Crow Holdings Capital, has acquired Luxx, a 694-bed student housing community in San Antonio. The property serves the University of Texas at San Antonio and features a pool with a swim-up bar, outdoor cabanas, grilling areas, a cyber lounge and a two-story fitness center. Preiss will undertake a multimillion-dollar capital improvement plan to certain amenity spaces, including the clubhouse and the dog …

Opus Group, McKinney Fund Break Ground on 17-Story Student Housing Community Near University of Alabama at Birmingham

BIRMINGHAM, ALA. — The Opus Group, in partnership with The McKinney Fund & Co., has broken ground on a 522-bed student housing community near the University of Alabama at Birmingham (UAB). The 17-story mixed-use development will offer floor plans ranging from studios to four-bedroom units. Shared amenities will include a fitness center, spa, study rooms and lounges, an outdoor amenity deck with fitness areas, fire pits, a coffee bar, club room, rooftop pool and grilling stations. Myefski …

Preiss, Nuveen Acquire 525-Bed Student Housing Community Near North Carolina State

RALEIGH, N.C. — A joint venture between The Preiss Co. and Nuveen Real Estate has acquired Signature 1505, a 525-bed student housing community located near North Carolina State University in Raleigh. The property offers one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, fitness center and 24-hour study and conference areas. Terms of the transaction and the seller were

California State University Board Grants Final Approval for $164 Million Residence Hall

SACRAMENTO, CALIF. — The trustees of California State University have given final approval for a $164 million student housing community to be built on the university's Sacramento campus. A public-private partnership between the university, Greystar and the university’s nonprofit affiliate, University Enterprises Inc., will develop the community. The 360,000-square-foot development will offer 1,100 beds in studio, two- and four-bedroom, apartment-style units. The property will also …

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