Upstate Student Housing Dev. Gets Funding

ALBANY—A new student housing project in Albany, in close proximity to several universities, is set to go forward after the joint venture partners who own the property have lined up financing.

Joseph Merrill Capital has structured a nearly $22 million construction loan for a joint venture between Capital Solutions, Aspen Heights and GSX Solutions for the development of student housing apartment complex at 1475 Washington Ave.  in Albany, GlobeSt.com has learned EXCLUSIVELY. The construction financing carries an interest rate inside of 3.00% and completes the capital stack need by the sponsorship group to develop the asset.

The Class A student housing apartment building will offer 115 units with 277 beds. Still unnamed, the project will be five stories and encompass a total of 197,424 square feet with one, two, three and four bedroom units. The property will be a “walk to campus” building and is the first project in the Albany area that will serve the students of several colleges and universities in the Albany area.

Based in New York City, Joseph Merrill acts as a conduit to more than 300 life insurance, pension fund, commercial and regional lenders allowing the organization to pull the most competitively priced capital in the market for any given situation. Capital Solutions is a private investment firm specializing in all types of real estate opportunities. It has over $250 million of equity capital deployed on over thirty real estate transactions representing a total portfolio value of over $1.25 billion.

Meanwhile, Aspen Heights is a real estate development firm that has completed over 20 purpose built student housing projects and is developing apartments and senior housing in urban markets nationwide. GSX Solutions is a real estate development and consulting firm that specializes in the discovery and strategic repositioning of properties to support targeted real estate developments such as student housing and senior housing around the country.