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Student Housing Daily - June 10 - Nitya Capital lands $700M CMBS refinance

Student Housing Daily - June 10 - Nitya Capital lands $700M CMBS refinance

Colgate University launches $105M project. UConn expands housing amid campus crunch. The Dinerstein Cos. named top student housing firm. 19 student housing REIT trends. Four new student housing deals.

Aid Sopjani & Matt H
June 10, 2025

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NEWS ROUNDUP

FINANCING: Nitya Capital lands $700 million CMBS refinance across 18 properties. Nitya Capital has secured a $700 million CMBS refinancing package from Citibank for a portfolio of 18 properties, including Class A student housing and Class B multifamily assets across markets like Dallas, Indianapolis, Nashville, Phoenix, Las Vegas, and the Carolinas. The refinancing also covers assets tied to Nitya’s 2022 Project Hatteras Investors raise of $76.1 million. That year, the firm executed $2 billion in deals during Q1 alone and expanded into student housing with a $150 million acquisition in Greenville, NC, and Starkville, MS. It also acquired a multifamily portfolio of 11 Class B properties totaling 3,000 units for around $500 million. However, in 2024, Nitya faced headwinds as a $346 million CMBS loan backed by 12 properties entered special servicing, prompting the firm to seek a one-year extension.

DEVELOPMENT: Colgate launches $105 million project. Colgate University has begun the most ambitious campus expansion in its history, anchored by a $50 million gift from Peter Kellner ’65—the largest single donation ever made to the school. The Lower Campus initiative, part of Colgate’s $1 billion Third-Century Campaign, has secured $105 million in gifts, including $25 million from Jean-Pierre L. Conte ’85, $10 million each from Becky ’81 and Christopher Hurley ’81, Robert Fox ’59, and Stephen Sprague ’72. The project will transform Broad Street into a unified residential community for juniors and seniors, with new facilities including Fox House, Hurley House, and Conte House, a central social hub. Buildings will be designed by Robert A.M. Stern Architects and landscapes by Michael Van Valkenburgh Associates. President Brian W. Casey and Vice President Paul McLoughlin emphasized the initiative’s role in extending residential life and preparing students for independence beyond graduation.

MARKET: UConn expands Hartford housing amid Storrs campus crunch. Faced with a housing shortage on its main Storrs campus, UConn will begin offering university-sponsored housing in downtown Hartford a year earlier than planned. The university has leased 33 units—part of an $8 million redevelopment—to accommodate about 60 Hartford students this fall. UConn had already planned to open its first Hartford residence hall by 2026 on Pratt Street. Enrollment at UConn reached nearly 25,000 undergraduates in 2024, up 4.2% since 2020, including a 25% jump in first-year students at regional campuses like Hartford and Stamford. The Storrs campus is also leasing 384 beds at The Oaks and embracing off-campus housing projects like Landmark Properties' new 890-bed Standard at Four Corners, with another 738-bed project in the pipeline.

AWARD: Dinerstein named top student housing firm for 7th straight year. Houston-based The Dinerstein Cos. has been ranked the No. 1 student housing company of 2024 by J Turner Research, marking its seventh consecutive year receiving the honor. The ranking is based on ORA (Online Reputation Assessment) scores and featured in the November/December 2024 issue of Student Housing Business magazine, highlighting the top 25 student housing managers in the country.

LISTEN: 19 student housing REIT trends.

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