Durham, N.H. — Owner Golden Goose Capital has made improvements on the property in the past year.
Durham, N.H. — CBRE/New England’s Capital Markets team has completed a $3.5 million refinance for an 85-bed, 26-unit student housing property in Durham, N.H., on the edge of the University of New Hampshire campus. The property is owned by Golden Goose Capital.
CBRE/NE’s First Vice President of Multi-Housing Debt & Structured Finance John Kelly worked on behalf of the borrower to obtain the financing. “We are pleased to have facilitated this transaction on behalf of GGC, a fast-growing student housing operator who has vastly improved operations at the property,” Kelly says. “We placed the deal with a CMBS shop that closed the deal in a 30-day time frame.”
“Working with CBRE/NE’s Multi-Housing Debt & Structured Finance team allowed us to market the property to the right set of capital sources and obtain the terms that mirrored our business plan,” says Barrett Billotta, chief operating officer for Golden Goose. “We are pleased with the result to secure long-term, non-recourse debt at what continues to be historically low interest rates. This refinance solidifies our long-term strategy to be the premier owner/operator in the New England student housing market.”
The property contains two attached two- and three-story buildings. Over the past year, Golden Goose has upgraded units and common areas.