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Trinitas and Harrison Street secure bridge refi for Tempe student housing
The refinancing targets Atmosphere Tempe, a 530-bed, 20-story property completed in 2021, using a floating-rate bridge loan arranged by TSB Capital Advisors.
A joint venture between Trinitas Ventures and Harrison Street Asset Management has obtained a floating-rate bridge loan to refinance Atmosphere Tempe, a 530-bed student housing community in Tempe, Arizona, according to ConnectCRE.
TSB Capital Advisors arranged the bridge loan, and PGIM originated the debt. Multifamily News previously reported that Atmosphere Tempe’s earlier financing included a $63.5 million loan from BMO Bank.
The development also took out a $53.2 million construction loan from PNC Bank in 2019. The property is at 707 S. Forest Ave., within walking distance of Arizona State University and downtown Tempe.
ConnectCRE said the building is a 20-story, 252-unit high-rise completed in 2021, offering studio through four-bedroom floor plans and nearly 5,000 square feet of retail space, with amenities that include a rooftop swimming pool and hot tub.