TSB Capital Advisors Arranges Senior Financing and Institutional Equity for The Howard Student Housing Development in East Lansing
TSB Capital Advisors has successfully arranged senior financing and institutional equity for The Howard, a major student housing development planned near Michigan State University in East Lansing, Michigan. The financing was secured on behalf of Harbor Bay Ventures, the developer behind the 12-story residential high-rise, which is expected to deliver 707 student beds when completed in 2028.
The Howard is designed to become the tallest mass timber residential building in Michigan, representing a significant addition to East Lansing’s student housing landscape. Its location directly across from the Michigan State University campus, combined with its distinctive architectural approach and community-focused amenities, is expected to make the development a prominent feature of downtown East Lansing.
Busey Bank and FNBO (First National Bank of Omaha) co-led the senior financing for the project. MSU Federal Credit Union and Horizon Bank’s East Lansing office also participated in the financing. Horizon Bank is an Indiana-based financial institution with a presence in the East Lansing market.
The transaction also represents an important milestone for Harbor Bay Ventures, as TSB Capital Advisors advised the developer on its first institutional equity raise. The financing builds on Harbor Bay’s established banking relationships while bringing institutional equity into the capital structure of a development with a distinctive design and substantial scale.
TSB Capital Advisors Supports a Major Student Housing Transaction
TSB Capital Advisors, recognized for its work in student housing and multifamily real estate advisory services, played a central role in arranging the capital required for The Howard. The transaction combines senior financing from several participating financial institutions with institutional equity, supporting Harbor Bay Ventures as it advances the project toward construction and its anticipated 2028 completion.
The involvement of multiple lenders reflects the collaborative financing structure assembled for the development. Busey Bank and FNBO served as co-lead senior financing providers, while MSU Federal Credit Union and Horizon Bank joined the financing group. The participation of these institutions brings together established banking relationships and financial support for a significant residential project in the East Lansing market.
Ian Bradley of TSB Capital Advisors highlighted the importance of the transaction and the longstanding collaboration behind the development.
“We are thrilled to see the years of effort and collaboration between Harbor Bay and the Ballein family culminate in a one-of-one project,” Bradley said. “The Howard’s iconic location and visionary mass timber design will deliver a living experience unlike any other in the East Lansing market. We are proud to advise on Harbor Bay’s first institutional equity raise while continuing to build on their long-standing banking relationships.”
Bradley’s comments emphasize two central elements of the project: the partnership between Harbor Bay Ventures and the Ballein family, and the development’s distinctive mass timber design. The transaction also demonstrates TSB Capital Advisors’ involvement in supporting the developer’s financing strategy as it moves forward with a major investment in student housing.
A Landmark Location Across from Michigan State University
The Howard will be developed at 401 E. Grand River Avenue in downtown East Lansing. The property is situated directly across from the Michigan State University campus and along a Capital Area Transportation Authority (CATA) transit line.
Its location places the development close to the university and within an established area of activity in East Lansing. The combination of proximity to campus and access to public transportation is an important part of the property’s positioning as a student housing destination.
The site also carries historical significance for the local community. Before the planned residential development, the property was home to the Student Book Store, which Howard Ballein opened in 1960. For more than six decades, the bookstore served as a gathering place for generations of Michigan State University students and members of the broader university community.
Harbor Bay Ventures is developing The Howard in partnership with the Ballein family. This collaboration continues a relationship that has already produced other East Lansing developments, including Landmark on Grand River and Newman Lofts.
By returning to a site connected to the Ballein family’s history, the project seeks to combine a new residential development with the legacy of a longstanding local business. The development’s name and planned interior features draw inspiration from the former bookstore, connecting the property’s past with its intended future use.
Mass Timber Design Sets The Howard Apart
One of the most distinctive aspects of The Howard is its planned construction using mass timber. The 12-story building will include nine stories of mass timber above a three-story concrete podium.
Upon completion, the project is expected to become Michigan’s tallest mass timber residential building. It will also mark Harbor Bay Ventures’ third mass timber development, following the award-winning INTRO Cleveland and INTRO Columbus projects.
Mass timber is a construction approach that uses engineered wood products as structural building materials. Its application in a high-rise residential project gives The Howard a distinctive architectural identity and reinforces Harbor Bay’s continued focus on this type of development.
The project’s combination of a concrete podium and nine mass timber stories is central to its planned design. The building will provide 707 student beds while incorporating approximately 8,000 square feet of retail space at the downtown East Lansing property.
The development is also pre-approved for LEED Gold certification. This designation reflects the project’s stated sustainability ambitions and its focus on environmentally conscious development. The certification pre-approval is an important part of the project’s positioning, although final certification will depend on the applicable requirements being satisfied.
For Harbor Bay, The Howard builds on experience gained through its earlier mass timber developments. The company’s continued investment in this construction approach demonstrates its intention to expand its presence in an emerging segment of the residential development market.
Residential Amenities Designed Around Student Life
Beyond its scale and construction materials, The Howard is being designed to provide a residential environment centered on student life, learning and community interaction.
The building’s interior concept takes inspiration from the Student Book Store that previously occupied the site. The planned amenities include a library, dedicated study spaces, fitness and yoga studios, and other areas intended to encourage residents to connect and collaborate.
The library and study areas will reflect the educational environment associated with the property’s history and its proximity to Michigan State University. These spaces are intended to provide residents with dedicated areas for academic work and individual study, while also supporting opportunities for interaction among students.
Fitness and yoga studios will add wellness-focused facilities to the residential offering. Together with the shared study and community spaces, these amenities are intended to create an environment that extends beyond traditional residential accommodation.
The development’s 707 beds will provide substantial student housing capacity near the university campus. Its approximately 8,000 square feet of retail space will also introduce a commercial component to the property, contributing to the mix of residential and retail uses planned for the downtown location.
The combination of student accommodation, retail space and shared amenities is an important feature of the overall development strategy. Rather than focusing solely on residential capacity, Harbor Bay is planning a building that integrates multiple uses and provides spaces intended to support different aspects of residents’ daily lives.
Harbor Bay Ventures Continues Its East Lansing Development Partnership
The Howard represents another major project for Harbor Bay Ventures in East Lansing. Its partnership with the Ballein family continues a development relationship that has already resulted in Landmark on Grand River and Newman Lofts.
The collaboration is particularly meaningful because the new project is being developed on the former Student Book Store site. The bookstore’s history and its connection to the local university community give the property a significance beyond its physical location.
Brian Bell, Chief Operating Officer of Harbor Bay, described The Howard as one of the most meaningful projects undertaken by the company.
“The Howard is one of the most meaningful projects we have ever undertaken,” Bell said. “For more than six decades, the Student Book Store was where generations of Spartans gathered, and we owe it to the Ballein family and to this community to build something worthy of that legacy. Having Busey Bank and FNBO lead the financing, alongside MSU Federal Credit Union and Horizon Bank, is a powerful endorsement of both this project and the platform we have built.”
Bell’s comments underline the importance of preserving the property’s connection to the community while introducing a new development that reflects Harbor Bay’s current approach to student housing. The company’s relationship with the Ballein family provides continuity between the former bookstore and the proposed residential high-rise.
The financing arrangement is also significant for Harbor Bay’s broader development platform. The involvement of Busey Bank, FNBO, MSU Federal Credit Union and Horizon Bank provides senior financing support, while the institutional equity raise marks a new milestone in the company’s capital-raising activities.
Building on Harbor Bay’s Mass Timber Experience
The Howard will be Harbor Bay Ventures’ third mass timber development, following INTRO Cleveland and INTRO Columbus. The two earlier projects have helped establish the company’s experience with this construction approach and contributed to its reputation in the mass timber development sector.
For developers pursuing mass timber projects, experience gained from previous developments can be important when planning and executing subsequent buildings. Harbor Bay’s decision to continue with mass timber at The Howard demonstrates its commitment to expanding this part of its development portfolio.
Bell said the company views each completed building as an opportunity to improve its approach and strengthen its capabilities.
“Each building we deliver teaches us something new, and we are grateful that this work has earned Harbor Bay a reputation as one of the preeminent mass timber developers in the country,” Bell added. “Our vertically integrated model, with construction and operations in house, allows for optimal execution and delivery on every project. That is what drives our innovation, and it is how we deliver an unrivaled living experience at The Howard.”
The vertically integrated model described by Bell brings construction and operations functions within the company’s organization. Harbor Bay believes this structure supports project execution and delivery by maintaining closer coordination across different stages of development.
The company’s experience with INTRO Cleveland and INTRO Columbus provides a foundation for its work on The Howard. The East Lansing project will further extend its mass timber portfolio while applying the approach to a student housing development with a significant residential capacity.
Financing Supports the Project’s Next Stage
The senior financing and institutional equity arranged by TSB Capital Advisors provide an important capital foundation for The Howard as Harbor Bay Ventures advances the development.
Busey Bank and FNBO co-led the senior financing, with MSU Federal Credit Union and Horizon Bank participating. The arrangement builds on Harbor Bay’s existing banking relationships and brings together several financial institutions in support of the project.
For TSB Capital Advisors, the transaction adds to its work in student housing and multifamily real estate advisory services. Advising Harbor Bay on its first institutional equity raise also represents a notable development in the relationship between the two companies.
The financing structure supports a project that combines a prominent downtown location, substantial student housing capacity, retail space and mass timber construction. Its anticipated 2028 completion will mark the next stage in the transformation of the former Student Book Store property into a new residential destination near Michigan State University.
As construction moves forward, The Howard is expected to become a notable addition to East Lansing’s built environment. Its planned 12-story structure, 707 beds, community-oriented amenities and pre-approval for LEED Gold certification distinguish it within Harbor Bay’s development portfolio.
Through the financing arrangement, TSB Capital Advisors has helped bring together the capital partners supporting Harbor Bay Ventures’ plans. The project also continues the developer’s collaboration with the Ballein family, connecting a site with a longstanding local history to a new vision for student housing in East Lansing.
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