The 12-story residential tower marks Michigan’s tallest mass timber development

TSB Capital Advisors, the national leader in student housing and multifamily real estate advisory services, successfully arranged senior financing and institutional equity on behalf of Harbor Bay Ventures for construction of The Howard, a 12-story, 707-bed student housing high-rise located near Michigan State University in East Lansing, Michigan. The project, which is scheduled for completion in 2028, will be the state’s tallest mass timber residential building.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261109901805/en/

TSB Capital Advisors arranged senior financing and institutional equity on behalf of Harbor Bay Ventures for construction of The Howard, a 12-story, 707-bed student housing high-rise located near Michigan State University in East Lansing, Michigan.

Busey Bank and FNBO (First National Bank of Omaha) co-led senior financing, with participation from MSU Federal Credit Union and the East Lansing office of Horizon Bank, an Indiana-based bank.

“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,” said Ian Bradley of TSB Capital Advisors. “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.”

Located at 401 E. Grand River Avenue, The Howard will sit directly across from the Michigan State University campus and along a CATA transit line. The site was formerly home to the Student Book Store, which Howard Ballein opened in 1960. Harbor Bay is developing The Howard in partnership with the Ballein family, the same partnership behind the firm’s previous East Lansing developments, Landmark on Grand River and Newman Lofts.

The Howard will feature nine stories of mass timber above a three-story concrete podium, delivering 707 beds and approximately 8,000 square feet of retail space to downtown East Lansing. Inspired by the bookstore that previously occupied the site, the interiors will include a library, fitness and yoga studios, and dedicated study spaces designed to foster community and collaboration. The project is pre-approved for LEED Gold certification.

“The Howard is one of the most meaningful projects we have ever undertaken,” said Brian Bell, Chief Operating Officer of Harbor Bay. “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.”

The Howard marks Harbor Bay’s third mass timber development, following the award-winning INTRO Cleveland and INTRO Columbus. The firm continues to advance the innovative and environmentally conscious mass timber development movement in the United States.

“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.”

About Harbor Bay Ventures

Harbor Bay is a vertically integrated real estate development, investment, construction, property management, and hospitality operations company focused on constructing relevant, transformational, and high-impact community-driven projects. Their mission is to build superior communities, starting with the building materials themselves, along with an unyielding focus on irreplaceable locations, impeccable design, and best-in-class management. Having created over $1.5 billion of real estate in the last decade, Harbor Bay is a proven leader in environmentally conscious and exceptionally designed development.

About Busey Bank

Founded in Champaign-Urbana in 1868, Busey Bank has grown from a local community bank into a regional financial institution with $18.04 billion in assets, serving clients across 10 states. Through extraordinary in-person experiences and seamless digital offerings, Busey provides comprehensive banking, payments, wealth management and financial solutions tailored to the unique needs of individuals, families, businesses and communities. While expanding its reach and capabilities, Busey remains grounded in the values that have defined the organization for more than 150 years: integrity, extraordinary excellence, strong relationships and community investment. Guided by a people-first approach, Busey is committed to helping clients achieve their goals while creating lasting value in the communities it proudly serves.

About FNBO

FNBO (First National Bank of Omaha), a subsidiary of First National of Nebraska, Inc. (FNNI), is one of the largest privately held banks in the U.S. and has been in business for nearly 170 years. FNNI and its affiliates have $35 billion in assets and more than 4,500 employees. Headquartered in Omaha, Nebraska, with primary banking offices in Colorado, Illinois, Iowa, Kansas, Missouri, Nebraska, South Dakota, Texas and Wyoming, FNBO provides personal and business banking, mortgage, payment solutions, wealth management and more. Founded in 1857, FNBO has maintained its commitment to customers and helping build strong communities.

About TSB Capital Advisors

TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, and has offices in Phoenix, Arizona (headquarters); Wayne, Pennsylvania; and Dallas, Texas. Since its founding in 2009, TSB Capital Advisors has helped close over 550 deals and more than $80 billion in student housing and multifamily transactions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261109901805/en/

The 12-story residential tower marks Michigan’s tallest mass timber development