Fields Holdings has secured $94.8 million in construction financing for the realisation of Zev Corvallis. This is a 13-storey student residential complex with 262 units, which will be built on the Oregon State University campus in Corvallis, Oregon. The debt financing was provided by Affinius Capital, as exclusively reported by Commercial Observer.
No broker was named for this transaction. The project, which will comprise 667 student beds, responds to the increasing enrolment at Oregon State University and a shortage of modern student accommodation, particularly high-rise developments, in the region.
Strategic Investment in Corvallis
Tyler Figley, Senior Vice President at Affinius Capital, explained that his company invested in the project due to the growing student numbers and the need for new accommodation. Fields Holdings has designed a venture that will significantly elevate the standards for student living in Corvallis, Figley added.
The Zev Corvallis property is located at 516 South West Fourth Street in Corvallis. This tree-lined neighbourhood in the Willamette Valley, western Oregon, is home to approximately 61,000 residents and is significantly shaped by the local university and a long-standing Hewlett-Packard company facility. Completion is planned for autumn 2028.
Project Details
- —Address: 516 South West Fourth Street, Corvallis, Oregon
- —Beds: 667 student beds
- —Commercial Space: 4,500 square feet of retail space
- —Planned Completion: Autumn 2028
In addition to the residential units, the construction project also includes 4,500 square feet of retail space, which is intended to complement the supply infrastructure for residents and the surrounding neighbourhood. The development promises to enrich campus life and relieve pressure on the local housing market for students.
