Key Takeaways
- • TSB Capital Advisors arranged senior financing and institutional equity for Harbor Bay Ventures' construction of The Howard, a 12-story, 707-bed student housing high-rise in East Lansing, Michigan, near Michigan State University.
- • Busey Bank and FNBO (First National Bank of Omaha) co-led senior financing, with participation from MSU Federal Credit Union and the East Lansing office of Horizon Bank.
- • The project, scheduled for completion in 2028, will be Michigan's tallest mass timber residential building and is pre-approved for LEED Gold certification.
- • The deal marks Harbor Bay's first institutional equity raise, according to TSB Capital Advisors.
- • The Howard is Harbor Bay's third mass timber development, following INTRO Cleveland and INTRO Columbus.
Summary
TSB Capital Advisors, a Phoenix-based student housing and multifamily real estate advisory firm, arranged senior financing and institutional equity on behalf of Harbor Bay Ventures for the construction of The Howard, according to a Business Wire release. The project is a 12-story, 707-bed student housing high-rise located at 401 E. Grand River Avenue, directly across from the Michigan State University campus and along a CATA transit line in East Lansing. Completion is scheduled for 2028, and the building will be the tallest mass timber development in Michigan.
Busey Bank and FNBO co-led the senior financing. MSU Federal Credit Union and the East Lansing office of Horizon Bank, an Indiana-based bank, also participated. Ian Bradley of TSB Capital Advisors said the firm was proud to advise on Harbor Bay's first institutional equity raise while continuing to build on the developer's long-standing banking relationships.
The Howard will include nine stories of mass timber above a three-story concrete podium, approximately 8,000 square feet of retail space, and amenities including a library, fitness and yoga studios, and study spaces. The interiors are inspired by the Student Book Store, which Howard Ballein opened on the site in 1960. The project is developed in partnership with the Ballein family, the same partnership behind Harbor Bay's earlier East Lansing developments, Landmark on Grand River and Newman Lofts. The building is pre-approved for LEED Gold certification.
Brian Bell, Chief Operating Officer of Harbor Bay, said the company's vertically integrated model, with construction and operations handled in house, supports execution on each project. Harbor Bay describes itself as having created over $1.5 billion of real estate in the last decade. The Howard is the firm's third mass timber development after INTRO Cleveland and INTRO Columbus.
Busey Bank and FNBO co-led the senior financing. MSU Federal Credit Union and the East Lansing office of Horizon Bank, an Indiana-based bank, also participated. Ian Bradley of TSB Capital Advisors said the firm was proud to advise on Harbor Bay's first institutional equity raise while continuing to build on the developer's long-standing banking relationships.
The Howard will include nine stories of mass timber above a three-story concrete podium, approximately 8,000 square feet of retail space, and amenities including a library, fitness and yoga studios, and study spaces. The interiors are inspired by the Student Book Store, which Howard Ballein opened on the site in 1960. The project is developed in partnership with the Ballein family, the same partnership behind Harbor Bay's earlier East Lansing developments, Landmark on Grand River and Newman Lofts. The building is pre-approved for LEED Gold certification.
Brian Bell, Chief Operating Officer of Harbor Bay, said the company's vertically integrated model, with construction and operations handled in house, supports execution on each project. Harbor Bay describes itself as having created over $1.5 billion of real estate in the last decade. The Howard is the firm's third mass timber development after INTRO Cleveland and INTRO Columbus.
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