Affinius Capital provided a $94.8 million construction loan to Fields Holdings to finance the development of Zev Corvallis, a 13-story student housing project located on the campus of Oregon State University in Corvallis, Oregon, Commercial Observer reported. The parties completed the debt financing without a broker listed on the transaction.
The planned development at 516 South West Fourth Street will deliver 262 residential units and 667 student beds to the market. The building will also incorporate 4,500 square feet of retail space, with overall project completion scheduled for fall 2028.
What happened
Corvallis is located in western Oregon within the Willamette Valley, an area with 61,000 residents supported by Oregon State University and a longtime Hewlett-Packard corporate facility. Tyler Figley, senior vice president at Affinius Capital, stated that the firm backed the project due to rising university enrollment alongside a shortage of new student accommodations and high-rise residential properties in the city.
Figley noted that Fields Holdings assembled the asset to raise the standard for student housing in the Corvallis market as demand for campus-adjacent housing continues.
What it changes for a closing
For closing lawyers, title agents, and loan administrators, closing a $94.8 million construction facility requires rigorous documentation around funding tranches and completion targets. Because the project is slated for completion in fall 2028, lender counsel must structure the construction loan agreement around draw requests tied to verified inspection milestones, architect certifications, and title date-down endorsements across several years.
Title officers and closing counsel must also address the mixed-use profile of the asset. Documents must differentiate between requirements for the 4,500 square feet of retail and the 667 student beds. Academic housing assets carry specific exposure to fall semester intake dates, which places heightened importance on construction delay covenants, retainage terms, and project budget monitoring leading up to the targeted fall 2028 delivery.