ORIX USA’s Real Estate Capital Group announced the closing of a $29.5 million first mortgage construction loan to build a 232-bed, Class A student housing complex in San Diego, California.
The student-housing complex is in an unmatched location with a pool immediately adjacent to campus with all classes less than a 12-minute walk and strong fundamentals due to the current constrained housing market and shortage of beds on and near campus.
“Student housing has been a bright spot in housing as the asset class is experiencing strong rent growth given the lack of supply in many student housing markets. This project is no different as the Sponsorship Team was able to maximize the number of beds at this property to help meet the housing demand in this infill market. ORECG is grateful that we were able to work with this strong Sponsorship Team and look forward to many more opportunities in student housing assets. ORECG bespoke capital was a strong selling point for this opportunity as ORECG was able to close this opportunity without deposit requirements and offered higher leverage compared to traditional banks,” said Adam Diamond, Managing Director and Originator, ORIX USA Real Estate Capital.
ORIX USA’s Real Estate Capital Group is a proprietary commercial real estate lending business, delivering customized financing for a full range of property types in primary and secondary metropolitan markets in the U.S. and Canada. Loans made or arranged in California are pursuant to a California Financing Law license.
Since inception, the Real Estate Capital Group has successfully invested over $4 billion of balance sheet capital. For over 20 years the Real Estate Capital group has been reliably financing commercial real estate through a range of market cycles.
The Real Estate Capital group is comprised of seasoned specialists transacting on a full range of property types. The group specializes in construction, bridge, mezzanine, and preferred equity opportunities and has fully dedicated origination, underwriting, closing, and servicing teams, ensuring that clients’ needs are met with timely execution.