S3 Capital Provides $132M Loan for Washington Heights Student Housing
S3 Capital has originated a $131.5-million refinance and construction loan to fund the development of a 28-story purpose-built student housing tower located at 465 W. 165th St. in the Washington Heights neighborhood of Manhattan. An Institutional Property Advisors team led by Max Herzog and Eric Toddy arranged the financing on behalf of Edge Property Group.
Upon completion, the project will comprise 276 units and 321 beds across 148,074 net rentable residential square feet. It is intended expressly for students studying at nearby universities and hospitals. The transaction marks S3’s expansion into purpose-built student housing, an asset class the firm views as a natural extension of its core focus on supply-constrained residential markets.
“We have been watching student housing closely for some time,” said Steven Jemal, managing director of origination at S3 Capital. “The supply-demand story mirrors what we see across multifamily, except in many university markets, the imbalance is even more acute.”
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
Learn more
Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
Learn more
JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout