Global Student Accommodation (GSA) has announced the successful closing of a $500m senior loan facility with Wells Fargo Bank, N.A. (Wells Fargo), one of the world’s leading financial institutions.
The transaction strengthens the existing relationship between the pair and signals the continued demand amongst lenders for the US student housing sector.
The facility covers 23 assets across 14 states, in key university cities, including tier one institutions, such as Arizona State University, Auburn University, Purdue University, and the University of Illinois.
“Over the past year, GSA has closed over $1bn of financing facilities globally, enabling us to optimise our capital structure and recycle capital into value-add initiatives across our portfolio.
John Jacobs, Global Head of Capital Markets, GSA
“This latest refinancing will facilitate both expansion within the U.S. market and an ongoing programme of refurbishments. This includes initiatives to improve the energy efficiency of the portfolio and further support for students’ wellbeing.
“Student housing continues to demonstrate its resilience as an asset class. The deepening of our partnership with Wells Fargo reflects this and is testament to GSA’s expertise as an investor and asset manager.”
The refinancing supports GSA’s long-term growth strategy, with a commitment to becoming a market leader in US student housing. In December 2020, GSA was the first international student housing specialist to enter the US, and since then the company’s portfolio has grown to 43 properties across 32 cities and is home to 20,000 students each year.
All spaces are managed by GSA’s partner Yugo,, a student brand and operator who are transforming the way students live by combining local market knowledge with global expertise.
“This financing underscores Wells Fargo’s leadership in and commitment to the global student housing sector, and we are delighted to be extending the relationship between Wells Fargo and GSA, which spans both the U.S. and Europe.
Melissa Frawley, Managing Director, Wells Fargo
“Student housing remains a robust and attractive asset class, and GSA’s innovative, global approach and sector-expertise continues to differentiate them within the market.”
