Blue Vista JV Lands $104M for New York Student Project
Kennedy Wilson provided the senior construction loan.
A joint venture of PeakMade Real Estate, Blue Vista and W5 Group has received $104 million in construction financing for the development of Ithaca Gateway, a 518-bed student housing community in Ithaca, N.Y. Kennedy Wilson originated the senior note through its debt investment platform.
Purcell Construction is the general contractor of the development, according to The Ithaca Voice. The six- and seven-story project will rise on the site of a soon-to-be demolished one-story building. Completion is scheduled for July 2027.
The 371-unit project will be at 445 E. State St., at the intersection of E. Green Street and E. Seneca Street. The Cornell University at Ithaca campus will be within walking distance, while the Ithaca Tompkins International Airport will be less than 5 miles northeast.
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Ithaca Gateway is set to encompass studio, one-, two- and three-bedroom floorplans, the same source shows. Common-area amenities will include a fitness center, study lounges, terraces and ground-level courtyards, as well as about 240 parking spaces.
Blue Vista’s recent student housing national expansion
Since its inception, Blue Vista has developed 41 student housing communities—more than 18,800 beds—totaling $2 billion in capitalization. The firm also acquired 49 student assets encompassing north of 21,000 beds.
At the end of last year, a joint venture between Blue Vista Capital Management and Clarion Partners acquired a four-property student housing portfolio from Columbus Pacific Group totaling 2,787 beds. The assets are serving the Pennsylvania State University, College of Charleston and Texas A&M University. PeakMade Real Estate was tapped as property manager.
