Affinius Capital Provides Construction Financing for Core Spaces' 1,656-Bed Student Housing Development Near University of Georgia

ATHENS, Ga. — Core Spaces has broken ground on Hub Athens Dougherty, a 1,656-bed student housing development near the University of Georgia campus, with TSB Capital Advisors having arranged construction financing for the project through Affinius Capital.

The development will deliver 536 units in configurations ranging from studios to five-bedrooms, with a targeted completion date of 2028. Shared amenities will include study lounges, group study rooms, fitness and wellness areas, and a resort-style rooftop pool.

Public-Private Partnership Anchors the Development

Core Spaces is partnering with Athens-Clarke County on a series of public benefit initiatives embedded in the project. Those commitments include the construction of a 400-space public parking deck, 16,000 square feet of retail space, and new water and sewer infrastructure designed to facilitate future affordable housing development in the area. The project also calls for enhanced streetscapes, the creation of a new public plaza, and the preservation and revitalization of the existing historic Foundry building, along with the relocation and reconstruction of the historic Hoyt House.

The Foundry and Hoyt House references indicate a site in the Dougherty Street area, a transitional zone between downtown Athens and the UGA campus that has been the focus of redevelopment and public-private improvements. The project is positioned as a large infill redevelopment rather than a peripheral, greenfield site, and its alignment with municipal priorities around downtown activation, infrastructure investment, and historic preservation represents a meaningful component of the deal's structure.

Development Team and Construction Structure

Construction is being led by a joint venture between Core Spaces and Juneau Construction Co. The broader development team includes Mallory & Evans, JNS Realty, Northworks Architects, Studio BNA, and Harken Interiors.

TSB Capital Advisors arranged the construction loan with Affinius Capital serving as the lender. Specific loan terms and amounts were not announced.

Student Housing Fundamentals Drive Institutional Interest

The University of Georgia has experienced consistent enrollment growth over the past decade, contributing to sustained pressure on near-campus housing supply. Nationally, institutional-grade multifamily properties are operating at approximately 93.2% occupancy, with Class A assets at around 92.3% and Class B and C assets running slightly tighter at approximately 93.6% to 93.7%. In university-linked markets, purpose-built student housing at well-located assets near flagship schools has demonstrated near-full occupancy on a recurring basis, a dynamic that positions such projects as relatively stable investments through market cycles.

Tight conventional multifamily occupancy in markets like Athens increases spillover demand into purpose-built student housing, reinforcing the investment case for new supply. For institutional lenders such as Affinius Capital, the combination of enrollment-driven demand, a public-private development structure embedded in city planning priorities, and a specialist advisory firm in TSB Capital Advisors provides a framework for underwriting a multi-year construction loan.

TSB Capital Advisors specializes in student housing and multifamily capital markets, handling both sale advisory and construction and permanent financing assignments for near-campus assets. The firm's focus on the student housing sector positions it as a specialist intermediary for institutional capital providers seeking sector-specific underwriting expertise.

Project at a Glance

Hub Athens Dougherty will be one of the larger purpose-built student housing developments to come to market near UGA in recent years. The 536-unit, 1,656-bed project's unit mix — spanning studios through five-bedrooms — is designed to serve a broad range of student household configurations. The 16,000-square-foot retail component and 400-space public parking deck add a mixed-use dimension to the asset that extends its relevance beyond the student population and into the broader Athens community.

The project is expected to be completed in 2028.

Sources

• TSB Capital Advisors — Official Announcement