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$6,800,000 | Big Rapids, MI building

Big Rapids, MI

Transaction Type

Acquisition Finance


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