JV Snags Refi on Tempe Student Housing Community
A joint venture between Trinitas Ventures and Harrison Street Asset Management obtained a floating-rate bridge loan to refinance Atmosphere Tempe, a 530-bed student housing community in Tempe, Ariz. TSB Capital Advisors arranged the deal, while PGIM originated the debt.
Multifamily News reports that previous financing included a $63.5 million loan from BMO Bank. The developers also took out a $53.2 million construction loan from PNC Bank in 2019.
Located at 707 S. Forest Ave., the 20-story, 252-unit building is within walking distance of the Arizona State University campus and downtown Tempe.
Completed in 2021, the high-rise comprises studio, one-, two-, three- and four-bedroom floorplans ranging from 353 to 1,156 square feet, as well as almost 5,000 square feet of retail space. Apartments are fully furnished, while select layouts also have private balconies or patios.
Common-area amenities include a rooftop swimming pool and hot tub, sundeck with lounge seating and grilling stations and a fitness center. The building also has private study lounges, a computer lounge and a coffee bar.
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National City Investment Group Commences Workforce Housing Build
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Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout