Emet Gets $54M Refi for Philly Student Community
The 240-unit property came online in 2005.
Emet Capital Management has obtained $54.3 million in refinancing for The Avery, a 240-unit, 796-bed student housing community in Philadelphia serving the Temple University. BridgeInvest provided the loan.
Earlier this year, the lender also issued $30 million in refinancing for Emet’s The Rowan, a 1,002-bed student property in Columbia, S.C.
The company purchased The Avery in July 2021 from Campus Living Villages for $60 million, according to Yardi Matrix data. A few months later, the owner took out a $52 million loan from iBorrow that was set to mature this December.
After the acquisition, the owner rebranded the Class A property and implemented multiple capital improvements, including updates to rooms, common areas and fitness facilities.
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The 11-story building comprises studio and two-bedroom layouts ranging between 210 and 720 square feet, as well as 12,000 square feet of ground-floor retail space. All apartments are furnished and provide bed-to-bath parity.
Common-area amenities include a fitness center, a community room, laundry facilities and a business center. The Avery also has lounge areas, a community kitchen, study spaces and game rooms.
Located at 1601 N. 15th St., the nearly 2-acre property is adjacent to the Temple University campus. Downtown Philadelphia is less than 3 miles away, while the Philadelphia International Airport is some 13 miles southwest.
Temple University sees drop in total enrollment
The Temple University’s total enrollment for the 2023 academic year was 30,412, Yardi Matrix information shows. Despite the rising demand in student housing, the school registered a 6.4 percent drop from the 33,487 enrolled a year before. For the 2024-2025 academic year, the university’s occupancy reached 84.8 percent.
In July, The Goldenberg Group refinanced two student housing communities totaling 1,816 beds that serve the Temple University. Walker & Dunlop secured the $285.5 million package in what was one of the largest student housing financing deals closed at that time.
