Bloomington, Ind. — CBRE has arranged $14.7 million in permanent debt for the refinancing of Stratum at Indiana, a 180-unit student housing community located near Indiana University in Bloomington.
Benjamin Roelke of CBRE secured the financing on behalf of the borrower, Suburban Campus Properties, through the company’s Fannie Mae Delegated Underwriting and Servicing (DUS) program, CBRE Multifamily Capital Inc. The financing features a cash-out component combined with a low, fixed interest rate and interest-only payments for the first seven years of the loan term.
The property offers one- and two-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a swimming pool; tanning lounges; a 24-hour, state-of-the-art fitness center; yoga studio; Wi-Fi café; clubhouse; and a 24-hour business center.