Global Student Accommodation (GSA), a leader in student housing, announced the closing of a $500 million senior loan facility with Wells Fargo Bank, which is one of the world’s leading financial institutions.
This deal strengthens the existing relationship between GSA and Wells Fargo and signals the continued demand amongst lenders for the U.S. student housing sector.
This facility covers 23 assets across 14 states, in key university cities, including tier one institutions, such as Arizona State University, Auburn University, Purdue University, and the University of Illinois.
This refinancing supports GSA’s long-term growth strategy, with a commitment to becoming a market leader in U.S. student housing. In December 2020, GSA was the first international student housing specialist to enter the U.S. Since then, the company’s portfolio has grown to 43 properties across 32 cities and is home to 20,000 students each year.
All spaces are managed by GSA’s partner Yugo, which is the world’s leading student brand and operator, who are transforming the way students live by combining local market knowledge with global expertise.
KEY QUOTES:
“Over the past year, GSA has closed over $1 billion of financing facilities globally, enabling us to optimize our capital structure and recycle capital into value-add initiatives across our portfolio.”
“This latest refinancing will facilitate both expansion within the U.S. market and an ongoing programme of refurbishments. This includes initiatives to improve the energy efficiency of the portfolio and further support for students’ wellbeing.”
“Student housing continues to demonstrate its resilience as an asset class. The deepening of our partnership with Wells Fargo reflects this and is testament to GSA’s expertise as an investor and asset manager.”
John Jacobs, Global Head of Capital Markets at GSA
“This financing underscores Wells Fargo’s leadership in and commitment to the global student housing sector, and we are delighted to be extending the relationship between Wells Fargo and GSA, which spans both the U.S. and Europe.”
“Student housing remains a robust and attractive asset class, and GSA’s innovative, global approach and sector-expertise continues to differentiate them within the market.”
Melissa Frawley, Managing Director of Wells Fargo
