NEW YORK CITY — CIM Group has sold Gilman Hall Tower, a 24-story, 146,000-square-foot building in Manhattan. The sales price was undisclosed. Located at the corner of First Avenue and East 17th Street, the building was one of three properties that CIM acquired from Mount Sinai Beth Israel Hospital in March 2017. The building, which was built in 1969, was previously used to house medical residents of Mount Sinai Beth Israel.
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 Avenue for two years as a tenant.
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, will comprise nine four-story apartment buildings along with indoor and outdoor community space and recreational fields. A 10,000-square-foot community building will house a fitness center, multipurpose room and student support services. The development team includes general contractor CBG Building Co. and architect Stantec. When complete, the new apartment communities at West Village will be owned by the non-profit Collegiate Housing Foundation, which will hold the ground lease from the University of California. University Student Living is the student housing arm of The Michaels Organization, a residential real estate firm with full-service capabilities in development, property management, finance and construction.
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, Florida. Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan. Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York. Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania. Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas. “These acquisitions are new canvases to us,” says Ari Rosenblum, CEO of Vie. “[The are] places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.” Claudio Sgobba of HFF represented the buyers in securing a $75.3 million loan in connection with the acquisition. The financing features a 10-year term, …
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.
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 contractor for the project, which Humphreys & Partners Architects designed.
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 credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.
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 park. The seller was not disclosed.
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 Architects designed the community. Auburn, Ala.-based Rabren General Contractors will serve as general contractor, and Creative License International will design the interiors for the project. The community is scheduled to open in fall 2020.
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 undisclosed.
