ACRES Funds $26 Million for Student Housing Property in Madison, WI
JANUARY 22, 2025Loan to fund a 77-unit, 244 bed student housing property.
MADISON, WI (JANUARY 8, 2025) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading nationwide middle-market lender specializing in commercial real estate, has funded a $26.325 million loan for the acquisition of Aberdeen Apartments, a high-rise student housing development located on a 0.35-acre site in Madison, Wisconsin. The property is located near the University of Wisconsin-Madison Campus. The sponsorship, Altitude Capital Partners, is a private, alternative asset manager based in Chicago, Illinois focused on seeking opportunistic multifamily equity investments.
Mark Fogel, Chief Executive Officer and President of ACRES, stated, “Aberdeen is a well-located student housing opportunity at a Power 5 university. Altitude has a deep understanding of the University of Wisconsin student housing market and has created a business plan to create significant value. We are excited to be part of the equation.”
The property was built in 2004 and consists of one 12-story building along with 2 commercial suites. The property consists of 224 beds across 77 units and has a total net rentable area of 69,033 SF, which implies an average unit size of 897 SF. The unit mix at the property includes 3 beds in 3 one-bedroom/one-bathroom units, 62 beds in 31 two-bedroom/one-bathroom units, 39 beds in 13 three-bedroom/two-bathroom units and 120 beds in 30 four-bedroom/two-bathroom units.