Developers secure $73.3 million loan for student housing project

AECOM-Canyon Partners, in a joint venture with Martin Group, announced the closing of a $73.3 million senior construction loan from Pacific Western Bank to begin the transit-oriented development of Wexler on 65th, a mid-rise student housing project near California State University, Sacramento.

Construction is scheduled to commence in June 2020 and is set to reach completion by Fall 2022.

The 223-unit project will offer a mix of studio, two-, three-, four-, and five-bedroom units, featuring bedroom-bathroom parity, in addition to numerous tenant amenities, ample parking, and approximately 7,400 sq. ft. of commercial space.

The property is located less than a 5-minute walk from the university’s Hornet Crossing entrance and adjacent to several retail and dining options. It is directly adjacent to Sacramento Regional Transit Authority’s University/65th St. Gold Line light rail station.

With a total enrolment of over 31,000, Sacramento State is the sixth largest university in the California State University system..

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