Madison Realty Capital Lends $57M on Binghamton University Student Housing Project
By Andrew Coen June 17, 2025 2:11 pm
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An Aptitude Development affiliate has landed a $57 million debt package for the purchase and construction of a student housing project serving Binghamton University, Commercial Observer has learned.
Madison Realty Capital (MRC) originated a senior mortgage and mezzanine loan for the 195-unit project that will sit 500 feet from the main entrance to Binghamton University’s main campus in Vestal, N.Y. where a Quality Inn & Suites now sits. Aptitude is slated to commence construction of the 516-bed The Marshall building in the third quarter and complete the complex ahead of the 2027-2028 academic year.
“Aptitude Development is an experienced developer of high-quality, pedestrian-to-campus student housing, and we look forward to delivering a highly amenitized and geographically desirable accommodation that will serve Binghamton University students for years to come, Josh Zegen, principal and co-founder of MRC, said in a statement.
Binghamton currently enrolls 18,332 students with around half living on campus where supply is constrained, according to MRC.
The Broome County IDA approved a 20-year Payment-in-Lieu-of-Taxes agreement for the student housing project in March that dre objections from the Vestal Town Board arguing that the PILOT would cost it more than $10 million of lost tax revenue over the next two decades, The Press & Sun-Bulletin previously reported.
The five-story development will consist of studio, one, two and four-bedroom apartments. Community amenities will include a fitness center, sauna, hot tub, yoga studio, meditation room, tanning beds, study rooms and community clubhouse lounge.
Officials at Aptitude Development did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
