Student Housing Daily - March 18 - BWE secures $23.5 million in acquisition financing

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NEWS ROUNDUP

FINANCING: BWE secures $23.5 million in acquisition financing. BWE has secured a $23.5 million loan to finance the acquisition and significant renovation of The Edge, a 173-unit, 553-bed student housing community near Texas State University in San Marcos. The financing was arranged on behalf of Campus Realty Advisors, a longtime BWE client, as the university experiences a surge in enrollment, now exceeding 40,000 students after a 5% increase over the past year. “As Texas State continues to grow, student residences like The Edge will play a critical part in ensuring students have access to quality housing that they can afford,” said Chris Carroll, SVP at BWE.

DEVELOPMENT: Landmark JV to develop 738 beds. A joint venture between Landmark Properties and Peninsula Investments has acquired a 1.5-acre site in Storrs, Connecticut, to develop The Mark Mansfield, a 738-bed student housing community adjacent to the University of Connecticut’s main campus. Construction is expected to begin later this year, with Landmark Construction serving as the general contractor. TSB Capital Advisors arranged the project’s financing.

DEVELOPMENT: Pinecrest breaks ground on 605-bed development. Pinecrest has officially broken ground on The Penny on College Main, a 199-unit, 605-bed student housing community in College Station, Texas. Leasing for the property will begin next fall, with move-ins slated for summer 2027. Designed by Rhode Partners, the project is being constructed by general contractor Rycon Construction, while Mitchell & Morgan serves as the civil engineer. The development is backed by construction financing from CIBC USA and First Bank of Chicago, with a $76.5 million loan secured in January, set to mature in 2029, according to Brazos County public records.

DEVELOPMENT: Mississippi State University completes vertical construction on $96 million hall. Mississippi State University (MSU) recently celebrated the topping out of Azalea Hall, a five-story multipurpose building that marks the university’s largest single-building project to date. The milestone signifies that construction has reached the highest point, bringing the $96 million development one step closer to its scheduled opening for the fall 2025 semester. Construction of Azalea Hall is being managed by Birmingham-based HPM, with Gulfport’s Roy Anderson serving as the general contractor. The building was designed by Jacksonville-based Wier Boerner Allin Architecture, with consulting support from St. Louis-based Mackey Mitchell Architects. Baton Rouge-based Tipton Associates led the design of the dining space.

PEOPLE MOVES: Landmark shuffles executive team. Landmark Properties has announced a series of executive promotions. President and CEO Wes Rogers will transition to the newly created role of chairman and CEO, allowing him to focus more on Landmark’s strategic direction and expansion into new markets. Walt Templin has been appointed President and CIO, moving up from his role as Head of Investment Management. Jason Doornbos has been promoted to CDO, where he will lead strategic development, land acquisition, project planning, and investment. Art Templin will now serve as COO of Development and Vonstruction, stepping up from his previous role as Executive Managing Director of Development and Construction. Porter McDonald has been named Executive Managing Director of Investment, having previously served as managing director of investment management.

READ: Five development trends in campus housing.

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