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Student Housing Daily - May 27 - GSA secures $500 million refi

Student Housing Daily - May 27 - GSA secures $500 million refi

Core Spaces completes 648 beds. Buccini Pollin Group breaks ground. Pierce Education Properties announces new executive team. Top universities for student housing construction. Four new student housing deals.

Aid Sopjani & Matt H
May 27, 2025

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NEWS ROUNDUP

FINANCING: GSA secures $500 million refi. Global Student Accommodation (GSA) has secured a $500 million senior loan facility from Wells Fargo Bank to refinance a 23-asset student housing portfolio across 14 U.S. states. The properties, managed by GSA’s partner Yugo, serve Tier One universities including Arizona State, Purdue, Auburn, and the University of Illinois. Among the refinanced assets is Yugo Columbia Lofts in South Carolina, a 330-bed community converted from a 1945 warehouse. GSA entered the U.S. as the first international student housing specialist and now operates 43 properties in 32 cities, housing approximately 20,000 students annually.

DEVELOPMENT: Core Spaces completes 648 beds. Core Spaces has completed Hub Tucson First, a 648-bed student housing community serving the University of Arizona in Tucson. The 273,627-square-foot property includes 161 fully furnished units in studio to six-bedroom layouts. Amenities feature a rooftop deck with pool, spa, and cabanas, a fitness center, wellness spa with sauna and yoga room, study areas, business center, and dog run. The project was developed in partnership with Findorff and Antunovich Associates.

DEVELOPMENT: Buccini Pollin Group breaks ground on $75 million development. Buccini Pollin Group (BPG), in partnership with the University of Delaware, has broken ground on the first multifamily apartment development at UD’s Science, Technology and Advanced Research (STAR) Campus. The $75 million project will bring 229 luxury apartments to 101 Discovery Boulevard across two seven-story buildings. University President Dennis Assanis and BPG President Chris Buccini spoke at the groundbreaking, highlighting the development’s role in transforming STAR Campus into a vibrant mixed-use innovation hub. Designed by DIGSAU and built by BPGS Construction, the 235,000-square-foot community will feature studios, one- and two-bedroom units with high-end finishes and ample natural light. ResideBPG will oversee leasing and management.

PEOPLE MOVES: Pierce Education Properties announces new executive team. Pierce Education Properties (PEP) is celebrating 30 years in student housing by announcing a new executive team. Stepping into the role of CEO and President is Christine Pierce. Jasmin Zelinko, former VP of Operations, returns as Chief Operating Officer with over 25 years in property management and a sharpened focus on operational excellence and resident experience. Neal Singer has been promoted to Chief Asset Management and Development Officer, bringing 40+ years of real estate expertise to support nationwide development initiatives.

READ: Top 10 universities for student housing construction.

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