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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.”
- ◦Development
- ◦Financing
