TSB Capital Advisors, the national leader in student housing and multifamily real estate advisory services, successfully arranged a floating-rate bridge loan to refinance Atmosphere Tempe, a 252-unit, 530-bed student housing high-rise serving Arizona State University. The financing was secured on behalf of Trinitas and Harrison Street Asset Management, a leading global alternative investment management firm with over $109 billion in assets under management across infrastructure, real estate and credit strategies. PGIM provided the debt.

TSB Capital Advisors ran a competitive process to identify a lending partner capable of moving with speed and certainty, and the transaction reflects continued institutional confidence in well-located, well-built student housing assets near flagship public universities.

"Atmosphere Tempe is exactly the kind of asset institutional capital wants exposure to right now—a high-quality, well-positioned property backed by sponsors with a proven track record in the space," said Stephen Hovanec of TSB Capital Advisors. "Getting this refinance done at this size, on a floating-rate structure, in this rate environment took real conviction from the lender and a sponsorship group that lenders trust. We’re proud to have delivered a financing solution that reflects the strength of both the asset and the team behind it."

Delivered in 2021, Atmosphere Tempe is located within walking distance of both the Arizona State University campus and downtown Tempe’s popular Mill Avenue. The property’s community amenities include a rooftop pool and hot tub, resort-style sundeck with lounge seating, grilling stations, a state-of-the-art fitness center with MIRROR virtual training system, private study lounges, a computer lounge and a coffee bar. Units at Atmosphere feature ensuite bathrooms, full-sized washer and dryer, stainless-steel appliances and quartz countertops.

About Trinitas Ventures

Headquartered in Indianapolis, Indiana, with offices in Lafayette, Indiana, and Chicago, Illinois, Trinitas Ventures is a fully integrated real estate firm specializing in the development and operation of high-quality residential communities. Trinitas has developed over $2 billion in residential communities across the country. Its current pipeline includes more than 15 projects valued at over $1.4 billion.

About Harrison Street Asset Management

Harrison Street Asset Management (HSAM) is a leading global alternative investment management firm with $109 billion in assets under management across real estate, infrastructure, and credit strategies. Headquartered in Chicago, Toronto, and London with over 600 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of over 1,100 institutional investors and over 300 Registered Investment Advisors.¹

HSAM is an innovator in the student housing market and one of the largest private owners of student housing globally. Since inception, the firm’s alternative real assets platform has invested over $24.3 billion across 431 properties, totaling close to 238,000 beds within the student housing sector throughout North America and Europe.

¹ HSAM data and descriptions of HSAM’s business are generally comprised of the aggregated data and business activities of investment advisors that are owned in whole or in part by HSAM. Assets under management ("AUM") reflects the AUM for the investment advisory and asset management clients of such investment advisors and is inclusive of the regulatory AUM of such investment advisors that is reported in their respective Form ADVs.

About PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE:PRU), with $1.4 trillion in assets under management. PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, they serve retail and institutional clients worldwide.

About TSB Capital Advisors

TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, and has offices in Phoenix, Arizona (headquarters), Paoli, Pennsylvania, and Dallas, Texas. Since its creation in 2009, TSB Capital Advisors has helped close over 550 deals and more than $80 billion in student housing and multifamily transactions.

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Skylar Browning

Email: sbrowning@tsbca.com

Phone: 406.207.4471