Harrison Street Asset Management (HSAM), a leading global alternative investment management firm, has successfully closed a refinancing deal for the VERVE Boise purpose-built student accommodation (PBSA) scheme. This notable project, comprising 547 beds, is strategically located near Boise State University, offering students convenient access to academic facilities and a suite of high-end amenities.
The refinancing was arranged for a joint venture between Appian Capital and Subtext, both of which are recognised institutional investors and developers with a strong focus on student housing. VERVE Boise features a selection of premium amenities, including a resort-style swimming pool, a 24-hour fitness facility, an indoor lounge for residents, and inviting outdoor spaces for socialising.
Student housing remains a sector that benefits from robust long-term fundamentals, particularly in locations with increasing enrolment and limited new supply. The VERVE Boise project exemplifies a high-quality asset backed by top-tier institutional sponsorship, aligning with HSAM’s strategy of focusing on resilient, income-generating lending opportunities. As Niraj Shah, Global Head of Credit for Real Estate at HSAM, stated, “VERVE Boise is a high-quality asset supported by best-in-class institutional sponsorship in a university market with compelling long-term fundamentals, consistent with our focus on defensive, income-oriented lending.”
Currently, the development is approximately 98% leased and is well-positioned to benefit from Boise State University’s ongoing enrolment growth, coupled with a lack of competitive new supply, which underscores the strong fundamentals of the student housing market. HSAM’s experience in the Boise student housing sector is further demonstrated by its prior involvement in the development of Uncommon Boise, another student housing community located just one mile from VERVE Boise.
This refinancing reflects HSAM’s commitment to expanding its lending platform within sectors where the firm possesses deep operational expertise and long-term confidence. The firm’s credit platform primarily focuses on US real estate and European asset-backed credit, with an emphasis on supporting borrowers in multifamily, senior housing, student housing, and Build to Rent sectors. Over the past two decades, HSAM has successfully deployed $10.2 billion across 185 real estate credit investments.