Newmark announces the company has arranged the sale and $36 million financing of a two-property student housing portfolio serving the University of Minnesota in Minneapolis. The portfolio includes The Bridges Dinkytown, a 210-unit property at 930 University Avenue SE, and The Knoll Dinkytown, a 101-unit property at 1101 University Avenue SE.
Newmark Multifamily Capital Markets Executive Vice Chairman and Head of Student Housing Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider, in cooperation with Vice Chairman Jim Damiani, represented the undisclosed seller. Executive Managing Director Ben Roelke, Senior Managing Director Ian Walker and Director Trent Houchin secured the debt financing from Corebridge Financial on behalf of buyer WFI.
“We continue to see deep liquidity in the Student Housing debt markets, especially for
opportunities featuring a combination of excellent sponsorship, favorable market fundamentals and solid underlying real estate like this one,” said Walker.
WFI will implement a $1.55 million capital improvement program focused on enhancing common areas and repositioning both properties as amenity-rich communities – aligning them with newer assets in the market and elevating the student living experience.
“Ben, Ian and Trent uncovered best-in-market debt terms by cultivating an extremely competitive environment with life companies, banks, debt funds and agencies all bidding for the opportunity,” said Bill Fideli, Founder and President of WFI. “Their guidance throughout the entire lifecycle of the transaction was invaluable from initial bid through a smooth closing.”
