Nitya Capital Lands $700M Refi
A collection of 18 student housing and multifamily properties backs the debt.
Nitya Capital has secured a $700 million CMBS refinancing note for an 18-property collection, including Class A student housing properties and Class B multifamily communities. Citibank securitized and originated the fixed-rate senior loan.
The properties are spread through markets such as Dallas, Indianapolis, Nashville, Tenn., Phoenix, Las Vegas, as well as the Carolinas. Additionally, the collection includes the Project Hatteras Investors properties, for which Nitya raised $76.1 million in 2022.
That year was massive for the company, closing $2 billion worth of transactions in just the first quarter. For reference, Nitya has completed $10 billion in deals to date since its 2013 inception.
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That same year, the firm expanded into the student housing market, closing several deals, including one that involved two Class A properties in Greenville, N.C., and Starkville, Miss. Nitya paid $150 million for the duo.
Also in 2022, the company wrapped up the purchase of a multifamily portfolio consisting of 11 Class B properties totaling almost 3,000 units. The collection in Dallas, Las Vegas, Indianapolis, Nashville, Los Angeles and North Carolina traded for roughly $500 million.
However, just two years later, Nitya encountered trouble when a $346 million CMBS loan, backed by 12 properties, came due. The debt entered special servicing in 2024, and the company was looking for a one-year extension at the time.
CMBS multifamily delinquencies at decade-high levels
The overall Trepp CMBS delinquency rate increased 38 basis points month-over-month in April, settling at 7.03 percent, according to Trepp. This marked the first time the index rose above the 7 percent mark since January 2021.
On the multifamily side, the rate stood at 6.57 percent, reflecting a spike of 113 basis points over the March reaching, the same source shows. The CMBS multifamily delinquency rate hasn’t been this high since December 2015, when it clocked in at 8.28 percent.
