$13,500,000
West Lafayette, IN
Transaction Type
Acquisition Recapitalization
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- 360-unit Class B student housing complex with an average occupancy of 61%
- Property was placed with special servicer after foreclosure
- Property lacked incentivized management that lead to deferred maintenance and capital improvement issues during receivership
Solutions & Highlights
- Sponsor devised a three-phase capital improvement plan
- Experienced Sponsor had successfully implemented similar business plans at four other student housing complexes
- Sponsor engaged a new management firm that specialized in managing student housing properties across the U.S.
- 5-year term plus extensions