PHOENIX, AZ – TSB Capital Advisors, the national leader in student housing and multifamily real estate advisory services, successfully arranged a fixed-rate loan on behalf of The Scion Group and PGIM Real Estate to refinance VERVE, a 181-unit, 696-bed luxury student housing property located near Rutgers University’s main campus in New Brunswick, New Jersey. The loan, which includes a future funding component, was provided by an affiliate of QuadReal Property Group.
“The numbers on VERVE make for a great story: it’s 100% occupied with high rent growth year-over-year, located two blocks from a Power 5 university, and there’s no new supply in the market and high barriers for entry,” said Timothy S. Bradley of TSB Capital Advisors. “We’re proud to put together this unique deal with QuadReal for our friends at Scion and PGIM Real Estate, and to continue that long-term relationship.”
Constructed in 2020 and located steps from Rutgers University’s main campus, VERVE offers single or double occupancy in floorplans that range from studio to five bedrooms. In-unit amenities include hardwood-style flooring, quartz countertops, stainless-steel appliances and in-unit washer and dryer. The best-in-class community amenities feature a state-of-the-art fitness center, private and group study lounges, gaming spaces, on-site retail, private parking garage and indoor bike storage.
“This transaction underscores the ability to secure attractive financing terms for well performing properties in leading university campus markets, despite the challenging capital markets environment,” said Avi Lewittes, Chief Investment Officer of The Scion Group. “The efforts and commitment of the TSB team resulted in a highly successful outcome for Scion and PGIM.”
“This deal underpins our strategy to lend on high-quality assets and in areas where we have clear conviction. The living sector continues to perform robustly, and this financing aligns with our extensive experience across student housing specifically and residential in general,” said Prashant Raj, Managing Director, U.S. Debt Investments for QuadReal. “We’re pleased to work with the TSB Capital Advisors team, and with Scion and PGIM, who are experienced sponsors, to provide this loan.”
The Scion Group is the largest privately held owner/operator of student housing communities in the U.S. The company’s current portfolio includes 125 communities, comprising nearly 82,000 bedrooms situated in 75 different university markets across 33 states. Scion has focused exclusively on the student housing sector since its founding in 1999 and has invested in over $6.5 billion of student housing projects.
As one of the largest real estate managers in the world with $208 billion in gross assets under management and administration, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.2 trillion global asset management business of Prudential Financial, Inc.
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia with assets under management of $73.8 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets across Canada, the U.S., UK, Europe and Asia Pacific. QuadReal invests in these markets directly and through programmatic partnerships and operating companies in which it holds an ownership interest.
TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, and has offices in Phoenix, Arizona (headquarters), and Paoli, Pennsylvania. Since its creation in 2009, TSB Capital Advisors has helped close over 450 deals and more than $55 billion in student housing and multifamily transactions.
About PGIM Real Estate
With $208 billion in gross assets under management and administration,1 PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
1 As of September 30, 2023. Net AUM is $131B and AUA is $49B.
2 Includes legacy lending through PGIM’s parent company, PFI.
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management are $73.8 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
