$6,800,000
Big Rapids, MI
Transaction Type
Acquisition Finance
Non-Recourse
Loan Type
Permanent Loan
Situation & Challenges
- Purpose-built student housing complex
- 66 units/264 beds consisting of 12, two-story buildings
- 99% occupied at loan closing
- All floor plans are four bedrooms/two bathrooms
- Leases had varying payment plans and required parental guarantees
Solutions & Highlights
- Complex offered some of the largest units in the market and was located close to the central campus of Ferris State University
- Sponsor had student housing ownership and management experience
- Amenities included a fitness center, sand volleyball court, basketball area, covered parking and full-size washer/dryers
- 20-year loan term