Cushman & Wakefield arranged LP equity financing for the development of 505 S 5th Street, a soon-to-be-built Class-A student housing community in Champaign, Illinois, serving students attending the University of Illinois’ Urbana-Champaign campus.
The University of Illinois is a Tier-1 university, a member of the Big Ten Conference and is among the largest and fastest-growing universities in the United States.
Cushman & Wakefield’s Kristian Brown (Equity, Debt & Structured Finance), Travis Prince, Shawn Lubic, and Victoria Marks (Student Housing Capital Markets), and Susan Tjarksen and Brendon Urban (Multifamily Investment Sales) arranged the financing on behalf of Hartman Capital, a Champaign-based firm specializing in student housing at the University of Illinois. Quilvest Capital Partners, a global private investment firm, provided the LP equity.
505 S 5th Street will be located adjacent to the University of Illinois campus and in the heart of Campustown, offering residents convenient access to the University of Illinois’ academic buildings – just a five-minute walk from the Student Union, Grainger Engineering Library and the Main Quad – along with numerous dining and shopping options that enhance the overall student living experience. The project site is fully entitled and shovel-ready, with a planned groundbreaking in March 2025 and an expected delivery ahead of the 2026/2027 academic school year.
Upon completion, the student housing community will feature 241 beds and include a wide range of amenities such as a fitness center, yoga studio, sauna, study rooms, business center with a coffee bar, clubroom with a TV and pool table, and an outdoor lounge area with BBQ facilities.
