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Situation/Challenges
  • Refinance of a student housing property located at a university with enrollment of ~12,000.
  • A10’s borrower bought the note and subsequently foreclosed a few years prior.
  • Prior owner mismanaged and neglected the property.
  • ~58% occupied as a result of COVID-19 pandemic.
  • 30% of the units in need of upgrades.
Solutions/Highlights
  • 3-year bridge loan with future facility for unit and common area improvements.
  • Performance earn-out facility to be distributed upon execution of business plan.
  • Non-recourse and interest-only execution.
  • No hold-back for debt service required.