Affinius Capital has originated a $94.8 million construction loan for Zev Corvallis, a planned Class A student housing project in Corvallis, Oregon. The 13-story development is designed to serve students attending Oregon State University as well as renters seeking proximity to the city’s core.
The loan will finance a ground-up project that combines student housing with a retail component. At full build-out, Zev Corvallis is programmed to deliver 667 beds and 4,500 square feet of retail space, creating a mixed-use environment near campus and downtown.
The borrower is Fields Holdings, led by Eran Fields, which is described as an existing partner of Affinius Capital. The relationship between the two firms underpins the capital structure for the project, with Affinius providing the construction financing and Fields Holdings advancing the development.
Zev Corvallis is planned to offer 667 beds across 262 units. The unit mix will include studios as well as one-, two-, three-, and four-bedroom floor plans, targeting a range of occupancy needs and price points within the student housing market. The configuration is intended to accommodate individual renters and shared living arrangements.
The project is scheduled to deliver in Fall 2028. Upon completion, its location is expected to provide residents with convenient access to both downtown Corvallis and the Oregon State University campus, positioning the asset within one of the city’s primary student and pedestrian corridors.
Affinius Capital Senior Vice President Tyler Figley cited several factors supporting the loan, including growing enrollment at Oregon State University, limited comparable new supply in the local student housing pipeline, and the site’s proximity to campus. Figley said that Fields Holdings has assembled a project that is expected to elevate the standard for student housing in Corvallis, and noted that Affinius Capital is backing its development through the construction loan.
The Zev Corvallis financing highlights ongoing lender interest in modern, well-located student housing adjacent to major universities, particularly where new supply has been relatively constrained. The transaction also reflects the role of established sponsor-lender relationships in securing construction capital for large-scale student housing developments.
