ACRES Capital has originated a $32.5 million loan to fund the construction and stabilization of Auden Buffalo a student-housing building located in Amherst, New York, just one mile from The State University of New York at Buffalo’s North Campus. The loan is provided to sponsor DMG Investments, a global real estate investment management and development firm specializing in student housing and multifamily projects with $700 million-plus in assets under management.
The Auden Buffalo Student-Housing Center will feature:
· Four-story, approximately 144,000-square-foot
· 481 beds across 154 units
· lower-level parking garage with 92 covered spaces and 159 surface parking spaces.
The fully furnished units at the Property will feature high-end finishes, stainless steel appliances, and in-unit laundry. Building amenities will include a fitness center, clubroom, study lounges and swimming pool. In addition to sitting approximately one mile from UB’s North Campus, the site is a seven-minute drive from the school’s epicenter and within proximity to shopping centers, Downtown Buffalo and Interstates 290 and 990.