Montgomery Avenue Commons secured $6.9 million in financing for the acquisition of a 10-property student housing portfolio at Temple University, financed through the refinancing of the borrower's 14-property student housing portfolio at the University of Pennsylvania.
The financing terms of both loans were with 10-year terms and 30-year amortization schedules at an interest rate of 4.12 percent. The Loan to Value (LTV) is 75 percent.
"Student housing loans can be labor intensive and financing a portfolio of multiple, small student housing properties and gaining the cash-out equity to acquire additional student housing was a complex undertaking."
The two portfolios total more than 24 properties across two universities. During the underwriting, the original lender pulled out on nine of the smaller properties, A second lender stepped in to refinance those assets with fewer than five units each.
www.omegare.com
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