Chicago, IL, July 14, 2026 – Harrison Street Asset Management (“HSAM,” or the “Firm”), a leading global alternative investment management firm with over $109 billion in assets under management through highly differentiated assets across infrastructure, real estate and credit strategies, announced the closing of a loan to refinance VERVE Boise, a 547-bed student housing community located near Boise State University in Boise, Idaho.
The financing was provided to a joint venture between Appian Capital and Subtext, experienced institutional investors and developers specializing in student housing. Delivered in 2023, VERVE Boise is a premier student housing community located steps from Boise State University’s campus, offering students walkable access to academic buildings and a premium amenity package, including a resort-style pool, 24-hour fitness center, indoor resident lounge and outdoor gathering spaces.
“Student housing continues to benefit from strong long-term fundamentals, particularly in markets with growing enrollment and limited new supply,” said Niraj Shah, Global Head of Credit – Real Estate at Harrison Street Asset Management. “VERVE Boise is a high-quality asset supported by best-in-class institutional sponsorship in a university market with compelling long-term fundamentals, consistent with our focus on defensive, income-oriented lending.”
The community is approximately 98% leased and benefits from Boise State University’s continued enrollment growth, limited competitive new supply, and strong student housing fundamentals. HSAM has extensive experience investing in the Boise student housing market, including the development of Uncommon Boise, a student housing community located approximately one mile from VERVE Boise.
The VERVE Boise loan reflects HSAM’s continued expansion of its lending platform across sectors where the firm has deep operating expertise and strong long-term conviction. The firm’s credit platform focuses on US real estate and European asset-backed credit, including a US residential credit strategy that supports borrowers in the multifamily, senior housing, student housing, and build-to-rent sectors. HSAM has deployed $10.2 billion across 185 real estate credit investments over the last two decades.
About Harrison Street Asset Management
Harrison Street Asset Management is a leading global alternative investment management firm with $109 billion in assets under management across real estate, infrastructure, and credit strategies. Headquartered in Chicago, Toronto, and London with over 600 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of over 1,100 institutional investors and over 300 Registered Investment Advisors.1
1 HSAM data and descriptions of HSAM’s business are generally comprised of the aggregated data and business activities of investment advisors that are owned in whole or in part by HSAM. Assets under management (“AUM”) reflects the AUM for the investment advisory and asset management clients of such investment advisors and is inclusive of the regulatory AUM of such investment advisors as would be reported in their respective Form ADVs.
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