News: Front Section
Posted: October 20, 2017
Doyle of Larew Doyle & Associates arranges $42.5 million financing for 247-unit student housing project - developed by Vision Properties
Doyle & Associates
Providence, RI Alan Doyle, principal of Larew Doyle & Associates, arranged $42.5 million in construction/mini-perm financing for the Edge at College Hill, a 247 unit/260-bedroom purpose-built student housing residence. The development comprises the construction of a new 15-story student residence and the renovation of an existing 4-story mixed-use building.
Designed in urban-style architecture, the student residences will feature floor to ceiling windows, security access, on-site management, a 24-hour fitness center, study/lounge areas, high-speed Internet services and a student dining area.
Each unit will be fully furnished with a bed, dresser and desk in each bedroom, a 50” flat screen television, modern kitchens with stainless steel appliances, granite countertops, garbage disposal and in-unit washer/dryers.
Construction of the Edge at College Hill commenced July and will be available for occupancy by August 2018, in time for the 2018 – 2019 college year.
The site encompasses an entire city block bound by Canal St. to the west and North Main St. to the east. The development overlooks the city’s canal and Waterplace Park, adjacent to Rhode Island School of Design’s Campus, and is walking distance to Brown University and downtown.
The sponsor is Vision Properties, a PA-based purpose-built student housing developer/general contractor, which has developed similar student residences in Winston Salem, NC, Worcester and Lowell Mass., which account for 577 units/1,581 beds. Vision approaches student housing with the goal of incorporating a sense of community while creating space tailored to the needs of students.
A consortium of banks, led by a Massachusetts based lender, provided this competitively bid financing.
Larew Doyle & Associates, Inc. is a regional commercial real estate financing advisor with offices in Providence, NYC and Syracuse, NY. Experienced institutional investment managers, our seasoned group of professionals provide unparalleled access and client representation to regional and national real estate debt and equity capital markets.
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