PHOENIX, AZ — TSB Capital Advisors, the national leader in student housing real estate advisory services, successfully negotiated construction financing for The 505 on Walnut, a 126-unit, 363-bed student housing community located near Syracuse University in Syracuse, New York. The financing was arranged on behalf of University Student Living, who will be the developer and property manager.
The construction loan was provided by Citizens Bank.
“This transaction allows University Student Living to break ground on its third student housing complex in New York, and brings an exciting new luxury option to the Syracuse University market,” said Timothy S. Bradley of TSB Capital Advisors.
The 505 on Walnut is an exclusive student housing community located within walking distance to the Syracuse University campus, local dining and entertainment options. The property offers a mixture of studios, one-, two-, three- and four-bedroom floor plans across three six-story apartment towers with raised courtyards between them. Units will feature granite countertops, stainless steel appliances, nine-foot ceilings, in-unit washer and dryer, private bedroom and bathroom for each resident, and will come fully furnished. Community amenities include a fitness room, study lounge, computer/business center, community room, game room and underground parking. The 505 on Walnut is scheduled to open by August 2018.
University Student Living is the privately owned student housing company of The Michaels Organization. The USL team has completed the acquisition, development and operations of more than $3 billion in student housing projects nationwide. Working in partnership with local, state and federal agencies, as well as nonprofit organizations and universities, Michaels has developed more than 50,000 multifamily units and currently manages 38,000 multifamily units in 34 states, the District of Columbia and the U.S. Virgin Islands.
TSB Capital Advisors is the national leader in student housing real estate advisory services, and has offices in Phoenix, Arizona (headquarters) and Paoli, Pennsylvania. Since its creation in 2009, the firm has helped close more than 180 deals and $8 billion in student housing and multifamily transactions.
