Commons at Sawmill Refinancing Deal Closed
TSB Capital Advisors secured a new floating-rate loan for the student housing complex in Flagstaff.
Updated on Sept. 23, 2026 in Financial Aid
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TSB Capital Advisors has successfully arranged a floating-rate refinancing loan for the Commons at Sawmill. The student housing community, located near Northern Arizona University, serves students with 194 units and 448 beds.
Why it matters
Refinancing allows property owners to adjust their debt structures to better align with current financial conditions. This capital infusion supports the ongoing operations of the residential property serving the university student population.
The Commons at Sawmill features a total of 194 units and 448 beds. The property offers a mix of studio, two-bedroom, and four-bedroom floor plans.
The players
TSB Capital Advisors
A Phoenix-based firm that specializes in arranging financing for the student housing industry.
Old National Bank
The financial institution that provided the capital for the Commons at Sawmill refinancing loan.
Northern Arizona University
A public research university in Flagstaff that serves as the primary driver for student housing demand in the area.
Coastal Ridge Real Estate
A real estate investment firm and co-owner of the Commons at Sawmill student housing complex.
Real Estate at Goldman Sachs Alternatives
The institutional investment arm of Goldman Sachs that co-owns the Commons at Sawmill property.
The details
The refinancing agreement was finalized with support from Old National Bank. Owned by Coastal Ridge Real Estate and Real Estate at Goldman Sachs Alternatives, the site remains a major housing provider for Northern Arizona University students.
Timeline
The property was originally delivered in 1992.
A comprehensive renovation of the housing complex was completed in 2023.
The refinancing transaction was officially announced in September 2026.
Culture Shift
This deal underscores the broader shift toward institutional ownership of student-centric housing markets. It follows the pattern of the National Multifamily Housing Council student housing demand metrics, which prioritize properties adjacent to high-enrollment universities.
The refinancing ensures that the housing complex continues to operate and maintain its updated facilities for students. Residents should not experience changes to their leasing terms or daily housing services as a result of this financial transaction.
The takeaway
Maintaining modern housing options is essential for supporting a stable educational environment near growing university campuses. Residents benefit from the long-term commitment of investment firms to keep facilities updated and operational.
Further reading
For more on student housing investment and support, visit our guide on Financial Aid.
Source note: This article includes information reported by MultifamilyBiz.
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