Global Student Accommodation (GSA) has closed a $500 million senior loan facility with Wells Fargo Bank.
The facility covers 23 assets across 14 states, in key university cities, including tier one institutions, such as Arizona State University, Auburn University, Purdue University and the University of Illinois.
The transaction strengthens the existing relationship between GSA and Wells Fargo and signals the continued demand amongst lenders for the U.S. student housing sector.
“This latest refinancing will facilitate both expansion within the U.S. market and an ongoing program of refurbishments. This includes initiatives to improve the energy efficiency of the portfolio and further support for students’ wellbeing,” said John Jacobs, global head of capital markets at GSA. “Student housing continues to demonstrate its resilience as an asset class. The deepening of our partnership with Wells Fargo reflects this and is testament to GSA’s expertise as an i
