Student Housing Daily - November 20 - Varde and Hawkins Way secure $431M CMBS loan

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NEWS ROUNDUP

FINANCING: Varde Partners and Hawkins Way Capital secure $431 million CMBS loan. A JV between Värde Partners and Hawkins Way Capital is set to receive a $431 million CMBS loan for the Monarch Portfolio, which includes three student housing communities totaling 2,407 beds across 1,257 units in New York City and Boston. Goldman Sachs Bank and Wells Fargo Bank will originate the two-year, interest-only loan with three one-year extension options, while Deutsche Bank will serve as trustee. The financing will refinance $383.5 million in existing debt, cover $12 million in closing costs and return the remainder to the sponsors as equity.

FINANCING: Spaces Management refinances 531-bed community. Spaces Management has refinanced The Walk Starkville, a 531-bed, 249-unit student housing property in Starkville, Mississippi. TSB Capital Advisors arranged the fixed-rate loan, led by vice president Jacob Mart.

DEVELOPMENT: SDCCD and The Michaels Organization break ground on 787 beds. The San Diego Community College District and The Michaels Organization have started construction on a 787-bed student housing community in downtown San Diego. Designed by TCA Architects, the seven-story development will include 283 affordably priced units. Scheduled for completion in fall 2028, the project marks SDCCD’s first-ever housing development.

DISPOSITION: Walker & Dunlop brokers sale of 276 beds. Walker & Dunlop has arranged the sale of Raiders Walk, a 276 bed community serving Texas Tech University. Chris Epp, Matthew Chase, Craig Miller, Holden Penn, Ben Sarna, Lewis Mouron, Anderson Neighbors, Trip Reed, Peter Wilson, David Faucher, Naomi Bludworth, Sarah Foronda, and Christopher Mouron were involved in the transaction.

READ: 2026 student housing outlook.

STUDENT HOUSING FOR SALE

Click each image for more information:

2 Properties | 302 Beds | 95.5% Occupancy | Avg. Market Rent: $1,286

543 Beds | 84.5% Occupancy | Avg. Market Rent per Bed: $815

Three-Property Portfolio | 632 Units | 1,396 Beds | 99% Occupancy

212 Beds | Class A | Renovated in 2017 | 90% Occupied

ONE MORE THING

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