Fields Holdings Receives $95M Loan for Oregon State High-Rise
It's the first project of its kind in this major student housing market.
Fields Holdings has secured a $94.8 million construction loan to develop Zev Corvallis, a 13-story, 262-unit, 667-bed, Class A student housing property in Corvallis, Ore., near Oregon State University. The development is slated to deliver in fall 2028 and will be the first high-rise community of its kind in the Corvallis market. Affinius Capital provided the note.
Located at 516 SW Fourth St., the property will have a mix of studio, one-, two-, three- and four-bedroom floor plans. The fully furnished apartments will feature quartz countertops, stainless steel appliances, modern cabinetry, in-unit washers and dryers and smart home technology.
Community amenities will include a pool, a rooftop deck, a terrace, an indoor basketball court, a sauna, a steam room, a theater, a fitness center, a yoga room as well as study and resident lounges.
Zev Corvallis will also have 4,500 square feet of retail space. The site is proximate to the OSU campus, as well as downtown Corvallis.
Earlier financing deals
Fields Holdings has worked with Affinius Capital in the past on student housing projects. Late last year, the firm provided Fields Holdings with an $81.2 million construction loan for The Samuel, a 14-story, 242-unit, 408-bed community in Tempe, Ariz., near Arizona State University. The project, expected to finish construction in the fall of next year, will have 8,200 square feet of retail space.
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Fields Holdings is building another student housing project in Oregon. The Ellis, which is being developed in collaboration with CMB Group 96, is a 14-story, 306-unit, 680-bed property near the University of Oregon in Eugene. The team marked the topping out of the tower in late July and is preparing for a fall 2027 opening. The $128.2 million project will also have approximately 10,000 square feet of retail space.
It is the second collaboration between Fields Holdings and the CMB Regional Centers, an EB-5 regional center operator. Fields Holdings worked with CMB Group 71 to develop The M, a 24-story, 230-unit student housing tower near the University of Washington in Seattle. The property features a mix of studios, one-, two-, three- and four-bedroom apartments and townhomes.
Affinius active in student housing
Affinius’ lending portfolio includes numerous student housing investments. In July, Affinius provided financing for Core Spaces to develop Hub Athens Dougherty, a 536-unit, 1,656-bed, mid-rise community near the University of Georgia in Athens, Ga. The mixed-use project, which is expected to cost more than $150 million, is scheduled for delivery in 2028. It is being built as a public-private partnership with Athens-Clarke County and will include 16,000 square feet of retail and 5,000 square feet of community-targeted spaces.
Also in July, Affinius originated a $176.6 million financing for Beachwold Residential to build The Place at Alafaya, a two-phase, 1,395-bed development with 484 units in Orlando, Fla., near the University of Central Florida. It was the largest private residential construction loan in Orlando history. The first phase is slated for completion before the 2028-2029 academic year. Phase two, a 200-unit, 586-bed property, is expected to come online the following year.
