NY Student Housing Asset Changes Hands | Multi-Housing News

DETROIT, CHICAGO and NEW YORK – July 2, 2019 – Berkadia today announced the sale of 20 Hawley Street, a 91-unit student housing property in Binghamton, New York. Managing Director of Student Housing Kevin Larimer from Berkadia’s Detroit office and Director of Student Housing Greg Gonzalez from Berkadia’s Chicago office completed the sale on behalf of the seller, New York-based Hawley Street Members, LLC. The buyer was Vesper Holdings, also based in New York, and the deal closed on June 13.

Senior Managing Director Peter Benedetto and Director Aaron Moll both of Berkadia’s Detroit office also secured a Freddie Mac loan, as acquisition financing, on behalf of the buyer.

“This new loan was able to provide the borrower with the leverage and interest-only to fulfill their goals on a somewhat unique deal structure,” said Moll. “We were glad to be part of this transaction with a great client and student operator.”

“Vesper recognized Binghamton University as the fastest growing university in the SUNY system and knew their strong student housing operational expertise would add significant value to the asset,” said Larimer.

Located at 20 Hawley St., the property features one-, two-, three-, four-, five- and six-bedroom fully furnished floor plans with floor-to-ceiling windows, stainless-steel appliances, dishwashers, granite countertops and hardwood-style flooring. Student residents can also enjoy community amenities, such as a 24-hour fitness center, a yoga studio, a golf simulator, a fully equipped game room, a hot-tub, outdoor lounges and gas grilling stations, a tech center, complementary laundry services, on-site restaurants, underground parking and roommate-matching services.

The property is located across the street from Binghamton University and affords convenient access to the OCC Bus System, Columbus Park and the shops and restaurants in the nearby Metrocenter.