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Student Housing Daily - April 22 - Mesa West refis 992 beds

Student Housing Daily - April 22 - Mesa West refis 992 beds

CBRE sells 899-bed community. Blue Vista JV breaks ground on Ithaca project. San Marcos approves student housing development. Campus Apartments announces leadership promotions. Four new student housing deals.

Aid Sopjani & Matt H
April 22, 2025

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NEWS ROUNDUP

FINANCING: Mesa West refis 992 beds. Mesa West has originated a $133.9 million short-term first mortgage to refinance Rambler Athens, a 992-bed student housing community located near the University of Georgia in Athens, GA. The four-year loan replaces a prior construction loan on the property, which was completed in August 2024 and is owned by LV Collective. TSB Capital Advisors arranged the financing. “The support we received from the LV team contributed to a seamless financing execution,” said Brian Hirsh, Executive Director of Mesa West’s Capital Originations team, who led the origination alongside Executive Director Russell Frahm and Associate Joseph Sachs.

DISPOSITION: CBRE sells 899-bed community in Texas. CBRE has successfully arranged the sale of Cottages at San Marcos, a 899-bed student housing property in San Marcos, Texas. The transaction was managed by CBRE's Jaclyn Fitts, William Vonderfecht, and Casey Schaefer, representing the seller—a global real estate firm based in Singapore. Details regarding the buyer and financial terms of the deal remain undisclosed.

DEVELOPMENT: Blue Vista JV breaks ground on Ithaca project. PeakMade and Blue Vista, in partnership with W5 Group, have officially broken ground on Theory Ithaca, a new multifamily development near Cornell University in downtown Ithaca, New York. Designed to serve graduate students, university affiliates, and the broader Ithaca community, the project is set to open in time for the 2027 academic year. Jeff Githens of PeakMade, Jason Schwartz of Blue Vista, and Ralph Winter of W5 Group expressed great enthusiasm for this project.

DEVELOPMENT: San Marcos approves student housing development. The San Marcos City Council has approved a Conditional Use Permit and a request for increased floor count for a new purpose-built student housing complex in the city’s downtown district.

PEOPLE MOVES: Campus Apartments announces leadership promotions. Campus Apartments has announced several leadership promotions across its investment, asset management, and operations divisions:

Andrew Roth has been promoted to Senior Vice President of Investments.
Scott Caliguire has been promoted to Associate Vice President of Asset Management.
Cara Castelli has been named Vice President of Operations.

Daniel Bernstein, President and Chief Investment Officer of the Philadelphia-based firm, stated, "These promotions reflect the exceptional leadership, drive and dedication that Andrew, Scott and Cara bring to Campus. We are proud to recognize their contributions as we continue expanding our portfolio and shaping the future of student housing through strategic growth."

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