Student Housing Daily - March 27 - Gilbane and CBRE JV secures $63 million

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NEWS ROUNDUP

FINANCING: Gilbane and CBRE JV secures $63 million for Florida development. Gilbane and CBRE have announced the financial closing of Zaya, a premier student housing community set to rise near the University of Florida in Gainesville. This milestone represents a major step forward in their strategic partnership, which includes six student housing developments across top-tier universities nationwide. Slated for delivery in Summer 2027, Zaya will bring 352 units and 702 beds to the market. “Zaya provides students the rare opportunity to immerse themselves in dynamic city life while also enjoying a tranquil, thoughtfully designed environment,” said Conor O’Halloran, Development Manager at Gilbane Development Company. “Our proximity to both campus and premier retail, combined with thoughtfully curated amenities, reflects our commitment to building vibrant communities at a price point that delivers exceptional value,” added Russell Broderick, Executive Vice President at Gilbane Development.

FINANCING: Cushman & Wakefield arranges equity financing. Cushman & Wakefield has successfully arranged LP equity financing for 505 S 5th Street, a new Class A student housing development set to rise in Champaign, Illinois, serving students at the University of Illinois Urbana-Champaign. The financing was arranged on behalf of Hartman Capital and the LP equity was provided by Quilvest Capital Partners, a global private investment firm. The Cushman & Wakefield team was led by Kristian Brown, Travis Prince, Shawn Lubic, Victoria Marks, Susan Tjarksen, and Brendon Urban.

ACQUISITION: Centurion acquires 770 beds. Centurion Property Group has announced the acquisition of CANOPY, a 770-bed student housing community located near the University of Florida in Gainesville. The transaction, brokered by Newmark, marks a significant addition to Centurion’s growing student housing portfolio. Centurion plans to immediately implement capital improvements across the property to enhance the resident experience and align CANOPY with the evolving expectations of today’s student renters.

PEOPLE MOVES: Cardinal Group promotes new VP. Cardinal Group has announced the promotion of Kevin Sealey to VP of Third-Party Student Housing Operations. In his expanded role, Sealey will lead operational strategy and performance across the company’s 91,000-bed student housing portfolio, with a focus on enhancing both client relationships and resident experiences. “Kevin’s leadership has been pivotal to the ongoing success of our student housing operations,” said Jenn Cassidy, President of Property Operations and Experience at Cardinal.

PEOPLE MOVES: C1 Development expands leadership team. C1 Development has announced the addition of three seasoned professionals to its leadership team: David Helfrich as President, Dan Koebel as Managing Director, and Greg Johnson as Development Manager. Backed by Virtus Real Estate Capital, C1 Development focuses on both ground-up development and strategic co-development partnerships, offering complete capital solutions and working closely with regional consultants, contractors, and property management firms. “We are excited to welcome David, Dan, and Greg to the C1 Development team,” said Kevin White, CIO at Virtus Real Estate Capital.

READ: EOY student housing report.

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