TSB Capital Advisors Arranges Refinancing for Coastal Ridge Real Estate and Goldman Sachs at Commons at Sawmill Near Northern Arizona University
TSB Capital Advisors has arranged a floating-rate loan on behalf of Coastal Ridge Real Estate and Real Estate at Goldman Sachs Alternatives to refinance Commons at Sawmill, a 194-unit, 448-bed student housing property located adjacent to Northern Arizona University in Flagstaff, Arizona. Old National Bank provided the financing, the firms announced Sept. 3.
The transaction marks the latest chapter for an asset that Coastal Ridge Real Estate and Goldman Sachs acquired in 2022 and subsequently put through a comprehensive renovation completed in 2023, touching all 194 units, major common areas and the full exterior. The refinancing follows that stabilization period — a sequence typical of value-add student housing investment: renovate the physical plant, season occupancy, then recapitalize with new debt.
Deal Details and Lender
Old National Bank, the banking subsidiary of Old National Bancorp and the sixth-largest commercial bank headquartered in the Midwest, provided the floating-rate loan. The bank carries approximately $74 billion in assets and ranks among the top 25 banking companies headquartered in the United States.
"Following a comprehensive renovation that touched all 194 units, the main common areas and the full exterior, Commons at Sawmill is well positioned to serve Northern Arizona University students for years to come," said Harrison Reid of TSB Capital Advisors. "Old National delivered highly competitive terms and an efficient, seamless process from start to close, proving the right lending partner for Coastal Ridge and Real Estate at Goldman Sachs Alternatives on this refinancing."
Property Overview: Commons at Sawmill
Commons at Sawmill is located at 901 S O'Leary St in Flagstaff, Arizona, placing it within pedestrian distance of the Northern Arizona University campus core. The property was originally delivered in 1992 and offers a mix of studio, two-bedroom and four-bedroom floor plans across its 194 units and 448 beds.
The 2023 renovation upgraded unit interiors with stone countertops, in-unit washers and dryers, and wood-style flooring. Common area improvements included a renovated 24-hour clubhouse, fitness center, dedicated study lounge with conference space, and an outdoor courtyard with grilling stations. The property is also situated near the historic Southside district and Aspen Place retail corridor.
Prior to its acquisition by Coastal Ridge Real Estate and Goldman Sachs, the property operated under a tenant-in-common ownership structure at 392 beds. The current 448-bed configuration reflects changes made under the current ownership's value-add business plan.
Flagstaff Student Housing Market
The refinancing comes against a backdrop of strong student housing fundamentals at Northern Arizona University. Preleasing at NAU reached 93.3% heading into fall 2026, up from 92.2% occupancy recorded in fall 2025, indicating effectively full occupancy conditions for well-located, stabilized assets in the market.
Commons at Sawmill's walkable position relative to the NAU campus core and proximity to established retail districts reinforces its competitive positioning within the Flagstaff off-campus housing market.
About the Firms
Coastal Ridge Real Estate is a vertically integrated real estate investment firm focused on student housing and multifamily properties across the United States. Founded in 2013 and headquartered in Columbus, Ohio, the firm manages a portfolio of more than 45,000 units and student housing beds, with more than $6 billion in managed assets.
Real Estate at Goldman Sachs Alternatives, established in 1991, has invested more than $60 billion in capital since 2012 across investment strategies ranging from core to opportunistic and credit. Goldman Sachs oversees more than $4 trillion in assets under supervision globally as of June 30, 2026, and manages more than $645 billion in alternative assets.
TSB Capital Advisors, headquartered in Phoenix with additional offices in Paoli, Pennsylvania, and Dallas, Texas, focuses on student housing and multifamily real estate advisory services. Since its founding in 2009, the firm has closed more than 550 deals representing more than $80 billion in student housing and multifamily transactions.