HJ Sims partnered with JCI Development, Inc.” to provide $69.63M for the construction of purpose-built
student housing in Fresno, CA
$69,630,000 | May 2026 | FRESNO, CA | NOT RATED
Partnered Right®
The Park at South Stadium is brand newpurpose-built student housing development in downtown Fresno, California, sponsored by Ascent 613, a nonprofit organization focused on creating educational, community-oriented living environments. The borrower, The Gan at Stadium South LLC, was formed by Ascent 613 specifically to own and operate this project, with development led by The Park Partners, LLC, a subsidiary of JCI Development Inc. and The Noyan Company; a seasoned team with extensive experience in student housing and mixed-use development. The project, when completed will consist of a 174-unit, 587-bed community designed to integrate housing with educational programming delivered through Ascent 613’s affiliated Campus of Life platform.
Located in a market experiencing increasing student enrollment and a structural undersupply of quality housing, the development aims to address unmet demand for modern student residences in the Fresno area. Despite strong demand indications, the borrower required a comprehensive and creative financing solution to fund construction, working capital, and initial operating reserves for a first-of-its-kind hybrid educational housing concept in Fresno. HJ Sims was engaged to structure and underwrite a financing plan that aligned with the project’s goals while accommodating its unique challenges.
Structured Right®
To finance the development of The Park at South Stadium, HJ Sims structured a tax exempt and taxable bond transaction tailored to the project’s construction, lease-up, and
stabilization phases. The financing consisted primarily of approximately $65.6 million of Senior Series 2026A tax-exempt bonds and $3.38 million of Series 2026B taxable
bonds, supplemented by municipal loans through the City of Fresno and a subordinated developer fee to fully fund the project’s $84.9 million total cost. The structure incorporated capitalized interest and reserve funds to provide liquidity during the construction and early operating periods and reduce pressure on early cash flows. The capital stack was ultimately designed to maintain financial flexibility during the ramp up period and allow The Park to reach stabilization.
Executed Right®
HJ Sims successfully priced this transaction on May 14th, 2026. After pivoting from a public offering, HJ Sims coordinated the placement of The Park’s bonds, leveraging deep institutional relationships to secure commitments from a select group of investors. The transaction’s tax- exempt bonds were marketed broadly and ultimately purchased by three key institutional buyers. To fully fund the transaction, HJ Sims was able to place the taxable bonds with Friends of Chabad San Diego, a subsidiary of the borrower.
Given the complexity of the capital stack and the unique nonprofit sponsorship and educational programming aspect, HJ Sims played a critical role in clearly communicating the credit story to investors. Ultimately, the successful placement demonstrated HJ Sims’ expertise in executing on specialized financings.
Financed Right®
The Park at South Stadium transaction closed on May 28, 2026, allowing the project’s development and construction phases to commence. Through HJ Sims’ leadership, meticulous structuring and tenacious marketing efforts, The Park at South Stadium and Ascent 613 were able to advance a first of-its-kind student housing and educational community in the Fresno market. We are happy to have partnered with this great team and to have provided a benefit to the Fresno-area student population.
For more information, please contact:
Robert Nickell
214.681.0952
Brady Johnson
949.558.8597