Cushman & Wakefield announced today that it served as the exclusive advisor to an affiliate of Alfred Weissman Real Estate, Inc. (“AWRE”) in arranging a $21 million senior mortgage loan secured by 20 Hawley Street, a 290-bed luxury student housing property located in Binghamton, NY. The loan was provided by TD Bank.
A Cushman & Wakefield Equity, Debt and Structured Finance team led by Gideon Gil, John Spreitzer and Alex Lapidus served as exclusive advisor to Alfred Weissman Real Estate, Inc.
“TD Bank provided a ten-year fixed rate financing that had custom features for this student housing project,” said Gil, Managing Director. “With 20 Hawley Street, our client delivers a premier product for the local student housing market, which was very intriguing to lenders and created a considerable amount of interest among the lending community.”
20 Hawley Street was acquired and redeveloped from office space to luxury student housing in 2011 by AWRE. Located in the heart of downtown Binghamton, the student housing complex is nine stories, 167,000 square feet and is nearing full occupancy for the 2014/2015 academic year. 20 Hawley Street provides students with upscale amenities as well as easy access to Binghamton University, a renowned State University of New York (SUNY) school that consistently ranks among the top public universities in the United States.