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Chicago & Midwest  + Midwest  + Student Housing  |  September 25, 2024
Jasmine Kilman
By: Jasmine Kilman

IPA Arranges $17M for Michigan Student Housing

IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), announced the $16,975,000 financing for the acquisition of a student housing property consisting of 62 units located adjacent to the University of Michigan’s main campus at 1700 Geddes Ave. in Ann Arbor, Michigan.

The Manhattan-based IPA Capital Markets team of Max Hulsh, Max Herzog, Marko Kazanjian, and Andrew Cohen secured the financing with A10 Capital on behalf of Havenly Ventures, a NYC-based real estate investment firm that specializes in value-add acquisitions primarily in the student housing sector.

“IPA Capital Markets successfully secured competitive bridge financing with a lender that provided maximum flexibility, allowing the borrower to execute their business plan,” said Hulsh. “The plan involves densifying the property’s oversized two-bedroom units into four-bedroom units by converting per-unit metering to bed-by-bed charging.”

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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