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August 17, 2023

Greystar's Accolade lands $74M in refinancing

Up in the U District, Greystar completed its 21-story Accolade student housing tower last autumn, and its 597 beds have been filling up ever since. And earlier this month, Affinius Capital announced that it secured new loans for that and a similar new development near the University of Oregon. Accolade's $74 million came from GIM Commercial Mortgage Loan Fund LP, which is associated with JPMorgan Asset Management. The same lender supported the 582-bed Oregon project, for a total of $162 million, said Affinius. Its Harris Neuberg said in a statement, “Higher education has historically fared well during times of economic uncertainty, and the purpose-built student housing sector continues to demonstrate remarkable resilience in today's market.” Affinius also disclosed that Greystar's partner in both projects was Tikehau Star Infra. (There was no recorded construction loan for Accolade, which was designed by Weber Thompson and built by Exxel Pacific.) Affinius is, as of March, the new moniker for the merged USAA Real Estate and Square Mile Capital.




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