Fields Holdings Secures $95M Loan for Student Project Near Oregon State University
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Fields Holdings' student housing project near Oregon State University has landed a $94.8 million construction loan. Importantly, the site is in an area with growing demand, according to the developer.
The development, Zev Corvallis, will consist of 667 beds (inside units from studios to four bedrooms) and 4,500 square feet of retail space. Affinius Capital originated the loan.
Growing Enrollments at Oregon State
A key reason for Fields pursuing this development is the new student activity taking place at Oregon State.
"What attracted us to Zev Corvallis is the combination of growing enrollment, limited comparable new supply and an exceptional location adjacent to Oregon State," Affinius Capital Senior Vice President Tyler Figley said in a statement.
"Fields Holdings has assembled a project that will raise the bar for student housing in Corvallis, and we're proud to back its development."
Oregon is a market that both partners, Morgan Stanley Investment Management and Global Student Accommodation, have seen value in. This occurred in November 2025, when the two paid $1 billion for a 6,200-unit student housing portfolio that included Oregon assets, while tapping into the Pennsylvania, Georgia and Virginia markets for the first time.
For student housing overall, rent growth has returned to the normal range of 1-3 percent compared with 7-10 percent record growth we saw in recent years, according to Walker & Dunlop's Senior Managing Director Will Baker.
Attracting With Amenities
Through Zev Corvallis, Fields Holdings is hoping to attract students through an amenity-rich program that includes a fitness center, yoga room, resident lounges, rooftop deck, steam room, theater, terrace and pool. Also, the units will offer full furnishing, stainless steel appliances, a washer and dryer and smart home technology.
Plus, views of Oregon State will be offered at the property.
It's unclear if this is the firm's first student asset, as its Field Properties entity operates real estate properties in Wisconsin, Michigan, Alabama, New York, Ohio, Mexico and Illinois. Its residential portfolio includes 336-unit The Monroe Apartments in DuPage County and 40-unit Maplewood Apartments in Southeast Wisconsin.
Source: GlobeSt/ALM