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  • Acquisition of a purpose-built student housing complex
  • 66 units (264 beds) consisting of 12, two-story buildings
  • Over 99% occupied at loan closing
  • Constructed in 2006
  • All floor plans contain 4 bedrooms and 2 bathrooms
  • Leases have varied payment plans and require parental guarantees
  • Complex offers some of the largest units in the market and is located close to the central campus of Ferris State University
  • Sponsor has student housing ownership and management experience, and has managed the property since 2012
  • Amenities include a fitness center, sand volleyball court, basketball area, covered parking and full-size washer/dryers
  • Non-recourse
  • 20-year term
  • Loan will remain on A10's balance sheet and serviced in-house