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  • Acquisition financing
  • 93% occupied at closing
  • Consists of 20 two-story cottage-style townhomes, each with 5 bedrooms and 2 bathrooms
  • Previous owner was "hands off" and performed minimal maintenance on the property
  • Property currently does not have onsite management or leasing
  • Sponsor has contracted with an experienced student housing management company to drive occupancy
  • All leases require parental guarantees
  • Sponsor has sizable cap-ex budget to address some deferred maintenance issues and perform upgrades to the complex
  • Non-recourse
  • Fixed-rate 3-year term plus extensions