Square Mile Capital, PacWest Bank Originate Construction Loan for 577-BedStudent Housing Building at the University of Southern California

Square Mile Capital Management LLC today announced the completion of construction financing for the Hub on Campus II, a to-be-built 577-bedstudent housing building at the University of Southern California in Los Angeles, CA.

Square Mile Capital served as the mezzanine lender, with PacWest Bank as the senior lender. TSB Capital Advisors of Phoenix brokered the transaction on behalf of Chicago-based Core Spaces, the project’s sponsor.

The site is located within the university’s main off-campus housing node on 28th Street between Figueroa and Flower Street, 0.4 miles north of campus at the entrance to Greek Row.Construction is scheduled to begin next month, with completion to occur in advance of the 2023-24 academic year.

Square Mile Capital Vice PresidentHarris Neuberg said, “Core Spaces is among the top student housing developers in the country, and we are excited to collaborate with them on what will be another successful development in their growing portfolio. Student housing has been one of the strongest performing real estate sectors over the last 18 months, especially at the most competitive universities such as the University of Southern California, a leading research university and one of the premier student housing markets in the country. We are equally pleased to be working alongside PacWest Bank, who has consistently been a trusted and reliable partner to Square Mile in the construction lending space.”

Core Spaces founder, Marc Lifshin commented, “We are very excited to begin a new relationship with the Square Mile and PacWest teams and grow our longstanding partnership with TSB Capital Advisors. USC is a premier global institution with compelling investment dynamics, and our vision for this site fits well with our mission to provide well-located,innovative and the best hospitality-driven Lifestyle experiences to the community and our residents.”

About Square Mile Capital Management LLC

Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States.  Square Mile Capital’s equity platform serves as a partner of choice for opportunistic and value add real estate investments across all property types.  By identifying the impact of long-term trends on real estate values, the firm focuses on key investment themes and investment structuring in order to maximize risk-adjusted investment returns. For more information, visit www.squaremilecapital.com.

About Core Spaces

Core Spaces is a vertically integrated company focused on acquiring, developing, and managing residential properties that create a better life for everyone under our roof. From world-class amenities and progressive design to client service with a hospitality-driven approach, Core Spaces provides living spaces and services that create a better daily life for its residents. Its projects are thoughtfully designed, customized, developed, and managed to create extraordinary lifestyle experiences that are as unique as their respective cities. Since its founding in 2010, Core has consistently delivered award-winning developments in top markets across the country. It currently owns and/or manages 37 properties nationwide – totaling over 16,000 units and beds – and has a pipeline of over 33,000 units and beds in various stages of development and acquisition. For more information, visit www.corespaces.com.

About TSB Capital Advisors

TSB Capital Advisors is the national leader in student housing real estate advisory services and has offices in Phoenix, Arizona (headquarters), and Paoli, Pennsylvania. Since its creation in 2009, TSB Capital Advisors has helped close more than 300 deals and $24 billion in student housing and multifamily transactions.