A joint venture between affiliates of Harrison Street and two sovereign wealth funds has successfully secured commitments from an expanded syndicate of lenders led by Bank of America, PNC Bank and BMO Harris to amend, upsize and extend its existing credit facility from $639 million to $690 million. The joint venture’s unsecured facility is supported by a portfolio of 38 student housing properties serving 30 universities in 18 states acquired in March 2016.
“This transaction — one of the largest real estate loan syndications to take place in 2020 — is a testament to Harrison Street’s unparalleled experience investing in student housing and deep lending relationships, as well as the resiliency of the asset class,” said Christopher Merrill, Harrison Street’s co-founder, chairman and CEO. “I am incredibly proud of our team for successfully executing this transaction on attractive terms amid the pandemic through collaboration with our JV partners and leading finan
