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$13,500,000 | West Lafayette, IN building

West Lafayette, IN

Transaction Type

Acquisition Recapitalization


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