Pacific Western Bank recently closed two purpose built student housing construction loans to entities sponsored by Greystar and its equity partner, Star America. The financings were arranged by JLL Capital Markets.
The first project, “Union on Broadway,” is located at 476 E Broadway, Eugene, Oregon, and Pacific Western Bank issued a $59,950,000 loan to fund the development of a 12-story building that will deliver 357 units/608 beds in a location proximate to the University of Oregon. The second transaction, “Lakeview,” is located at 4126 12th Avenue NE, Seattle, Washington. An $86,170,000 loan was provided for the 21-story building with 226 units/597 beds that will benefit University of Washington students and their community.
“Greystar is a forward thinking company with a great track record, and Pacific Western Bank is proud to have partnered with them to get these two important student housing projects underway during these challenging times” said Thomas Whitesell, EVP, Group Head of Pacific Western Bank’s National Lending Real Estate team. “We are actively lending to developers like Greystar across the country who have a track record of success during our unprecedented times,” concluded Whitesell.
The launch of these projects in the Pacific Northwest will help to meet the growing demand for quality, purpose built student housing in close proximity to Tier 1, flagship universities.
About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $27 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado. The Bank has 72 full-service branches primarily located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. For more information about Pacific Western Bank, visit www.pacwest.com.
About Greystar
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 693,000 units/beds, and has a robust institutional investment management platform with approximately $35.5 billion of assets under management, including over $15 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com
About Star America Infrastructure Partners
Star America Infrastructure Partners, a subsidiary of Tikehau Capital, a European listed alternative asset management and investment group with €25.7 billion of assets under management (as at 30 June 2020) and shareholder equity of €2.8 billion (as at 30 June 2020) is a U.S. headquartered developer and manager of infrastructure assets in North America. With an investor base that includes large institutional investors such as insurance companies and pension funds, among others Star America focuses on delivering infrastructure projects primarily across the transportation, social, environmental and telecommunications sectors. Star America’s mission is to become the preferred partner in rebuilding America’s infrastructure.
About JLL Capital Markets
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
