Student Housing Daily - October 6, 2026 - Brookfield and Scion set to land $1.4B refinancing

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NEWS ROUNDUP

FINANCING: Brookfield and Scion set to land $1.4 billion refinancing. A JV of Brookfield Properties investment funds and Scion SZ is set to secure a $1.4 billion refinancing loan for a 39-property, 24,960-bed student housing portfolio. Morgan Stanley Capital Holdings, Goldman Sachs, Citi Real Estate Funding and Bank of Montreal will co-originate the two-year, floating-rate, interest-only loan, which has three one-year extension options.nThe portfolio spans 16 states and 29 markets, mostly in Texas, North Carolina and Mississippi, and its three largest properties, with 1,925, 1,250 and 747 beds, serve Texas A&M University and Texas State University.

ACQUISITION: LaSalle acquires 482-bed community near San Jose State. LaSalle Investment Management has acquired a 482-bed, Class A student housing community two blocks from San Jose State University in San Jose, California. The seller and terms were not disclosed, and The Dinerstein Companies will run the property as LaSalle's operating partner. The seven-story building has 119 units in two-, three- and four-bedroom layouts on about 1.1 acres, with two levels of structured parking, and was fully occupied at the time of sale. Jeff Shuster, president of LaSalle Value Partners, said the property combines strong in-place cash flow with good market dynamics, backed by a large and growing student population. Joseph Paskov, senior vice president of LaSalle Value Partners, called it a high-quality asset in an irreplaceable location in the heart of Silicon Valley.

DEVELOPMENT: Gilbane wins approval for 308-unit development near NC State. Gilbane Development has received approval from the Raleigh City Council to build a seven-story, 308-unit student housing development next to North Carolina State University. The project will have 98 one-bedroom, 104 two-bedroom and 32 three-bedroom units, plus 74 four- and five-bedroom units. It will replace an existing apartment complex on the 3.61-acre site that includes 48 affordable housing units.

DEVELOPMENT: Subtext completes 769-bed development near ASU. Subtext has completed a 15-story, 769-bed student housing development near Arizona State University in Tempe, Arizona, in partnership with FrontRange Capital Partners and TPG Real Estate Partners. Kennedy Wilson provided financing, ESG Architecture & Design was the architect and Brinkmann Constructors was the general contractor. The 479,388-square-foot building has 240 units, from studios to four-bedroom layouts, and 1,800 square feet of ground-floor retail.

READ: California passes four new laws to speed up student housing construction.

STUDENT HOUSING FOR SALE

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402 Units | 686 Beds | 311,156 SF | 11 Acres | Built 1971, Renovated 2026

104 Units | 375 Beds | $13,500,000 | 8.22% Pro Forma Cap Rate

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