A joint venture between Trinitas Ventures and Harrison Street Asset Management has refinanced Atmosphere Tempe, a student housing high-rise serving Arizona State University. The partnership obtained a floating-rate bridge loan on the 530-bed community, with TSB Capital Advisors arranging the financing and PGIM originating the new debt. Specific loan terms were not disclosed, but the transaction replaces prior capital on a recently delivered, purpose-built student housing asset in Tempe, Ariz.
The refinancing follows an earlier capital stack that included both construction and term financing. According to Multifamily News, the property previously carried a $63.5 million loan from BMO Bank. In 2019, the developers also secured a $53.2 million construction loan from PNC Bank to build the tower, underscoring the level of bank lending support the project attracted during its development phase.
Atmosphere Tempe is located at 707 S. Forest Ave., within walking distance of the Arizona State University campus and downtown Tempe. The 20-story, 252-unit tower is positioned to capture demand from students seeking proximity to both academic facilities and the citys urban amenities. Its location near campus and the downtown core is a key feature of the asset, providing residents with convenient access to university life, dining, and entertainment.
Completed in 2021, the property offers a mix of studio, one-, two-, three-, and four-bedroom floorplans, with unit sizes ranging from 353 to 1,156 square feet. The apartments are delivered fully furnished, catering to student renters seeking a turnkey living environment. Select layouts also include private balconies or patios, adding outdoor space to the units and enhancing the appeal of higher floors in the high-rise.
In addition to residential space, Atmosphere Tempe incorporates almost 5,000 square feet of retail space. While specific tenants are not detailed, the inclusion of street-level retail is intended to support residents and contribute to the surrounding neighborhood activity. The combination of student housing and retail positions the building as a mixed-use contributor to the immediate area.
The communitys amenity package is designed to meet student housing expectations for both social and academic needs. Common-area features include a rooftop swimming pool and hot tub, as well as a sundeck with lounge seating and grilling stations. A fitness center supports residents health and wellness, while private study lounges, a computer lounge, and a coffee bar provide dedicated environments for coursework and informal gatherings.
With its recent completion, robust amenity set, and proximity to Arizona State University, Atmosphere Tempe represents a modern student housing asset that has now transitioned from its original construction financing into a new bridge loan structure. The involvement of PGIM as lender and TSB Capital Advisors as debt advisor underscores ongoing institutional interest in well-located student housing in Tempe.
