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  • 360 unit Class B student housing complex
  • Average occupancy of 61%
  • Property placed with special servicer after foreclosure
  • While in receivership, the property lacked incentivized management leading to deferred maintenance and capital improvements issues
  • Property deficiencies will be addressed through a three-phase capital improvement plan
  • Experienced sponsorship which has successfully implemented similar business plans at four other student housing complexes
  • Sponsor engaged new management firm that specializes in managing student housing properties across the U.S.
  • Non-recourse
  • 5-year term plus extensions