TSB Capital Advisors successfully arranged a floating-rate bridge loan to refinance Atmosphere Tempe, a 252-unit, 530-bed student housing high-rise serving Arizona State University. The financing was secured on behalf of Trinitas and Harrison Street Asset Management, a leading global alternative investment management firm with over $109 billion in assets under management across infrastructure, real estate, and credit strategies. PGIM provided the debt.
TSB Capital Advisors ran a competitive process to identify a lending partner capable of moving with speed and certainty, and the transaction reflects continued institutional confidence in well-located, well-built student housing assets near flagship public universities. Delivered in 2021, Atmosphere Tempe is located within walking distance of both the Arizona State University campus and downtown Tempe’s popular Mill Avenue, with community amenities including a rooftop pool and hot tub, a resort-style sundeck, a state-of-the-art fitness center, private study lounges, and a coffee bar. Units feature ensuite bathrooms, full-sized washers and dryers, stainless-steel appliances, and quartz countertops.
Trinitas Ventures, headquartered in Indianapolis, is a fully integrated real estate firm specializing in the development and operation of high-quality residential communities, having developed more than $2 billion in residential communities nationwide and currently has a pipeline of over 15 projects valued at more than $1.4 billion. Harrison Street Asset Management is an innovator in the student housing market and one of the largest private owners of student housing globally, having invested more than $24.3 billion across 431 properties totaling nearly 238,000 beds throughout North America and Europe.
Support: TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, with offices in Phoenix, Paoli, Pennsylvania, and Dallas. Since its creation in 2009, the firm has helped close over 550 deals and more than $80 billion in student housing and multifamily transactions.
KEY QUOTE:
“Atmosphere Tempe is exactly the kind of asset institutional capital wants exposure to right now—a high-quality, well-positioned property backed by sponsors with a proven track record in the space. Getting this refinance done at this size, on a floating-rate structure, in this rate environment took real conviction from the lender and a sponsorship group that lenders trust. We’re proud to have delivered a financing solution that reflects the strength of both the asset and the team behind it.”
Stephen Hovanec, TSB Capital Advisors
