COLLEGE STATION, TX—Los Angles=based Kennedy Wilson, a global real estate investment company, has closed a senior construction loan for the development of Aspire A&M, an 873-bed high-rise student housing community located in College Station, TX. Strategically positioned across the street from Texas A&M University, the project is a joint venture between The Dinerstein Companies, Up Campus Student Living, and Harrison Street.
Aspire A&M will feature a 19-story structure encompassing 11,000 square feet of ground-floor retail space, 718 garage parking spaces, and a comprehensive amenity package including two rooftop pools, fitness facilities, study rooms, a theater, and a game lounge.
"Originating the financing for Aspire A&M is an ideal opportunity for our debt platform, particularly considering the promising dynamics of the student housing market," commented Thomas Whitesell, Head of the Debt Investment Group at Kennedy Wilson, in a prepared release. "With its prime location, elevated amenities, and the strong existing partnership between The Dinerstein Companies, Up Campus Student Living, and Harrison Street, Aspire A&M is well-positioned to meet the increasing demand for upscale student accommodations. We're excited to deepen our partnerships and contribute to the success of this exceptional project."
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The Aspire A&M project site is located on University Avenue, within the Northgate Entertainment District, providing students with walking access to the College of Engineering, Mays Business School, and nearby attractions including the Memorial Student Center, Kyle Field, Student Recreation Center, and local dining destinations. The significant enrollment growth at Texas A&M University underscores the demand for quality student housing in the area.
Kennedy Wilson's debt platform, specializing in originating and servicing multifamily construction loans, reached $7 billion in originations in March and more than doubled in size this past year.
The financing was arranged by Peter Marino, William Howe, and Jim Ferris in CBRE's Chicago office.
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