American Campus Communities (ACC), a Blackstone portfolio company, announced the closing of a $191-million third party student housing development at the University of California, Irvine. The 1,065-bed project is scheduled to open in fall 2028.
The collaboration reflects more than two decades of work to expand student housing options across the University of California system, including partnerships at UC Berkeley and UC Riverside. Upon completion, ACC’s partnership with UC Irvine will encompass approximately 8,700 beds.
“This project reflects the strength of our 25-year partnership with UC Irvine and our shared commitment to creating housing communities that support students throughout their college experience,” said Michael Cipriano, head of development at ACC.
The new student housing community will expand UC Irvine’s East Campus with 308 fully furnished apartments. Designed for undergraduate students, the two residential buildings will range from six to seven stories and integrate into the surrounding neighborhoods.
Newmark arranged a $47.6-million loan on behalf of The Hudson Companies to refinance The Clark, a 170-unit multifamily property located at 310 Clarkson Ave. in Brooklyn’s Prospect Lefferts Gardens neighborhood. Benefit Street provided the financing. Senior managing director Daniel Fromm, senior associate Samuel Speciale and analyst Lance Tillman of Newmark’s Global Debt & Structured Finance...
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Marcus & Millichap Capital Corporation (MMCC) has arranged $12,062,500 in financing for three multifamily properties located in the Central Valley. The borrower was not disclosed. Senior managing director David Campbell, of MMCC’s Palo Alto office, secured the financing with a regional credit union on behalf of a private client. The loans feature a 10-year term,...
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A 44-unit mixed-use apartment community located at 840 E Denny Way in Seattle’s Capitol Hill neighborhood sold for $17.5M, or $397,727 per unit. The property, 101 Broadway, was sold by Cairn West. The six-story building sits within easy walking distance to Cal Anderson Park and Seattle Central College, along with numerous restaurants, shops and entertainment...
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