Bloomington, Ind. — The Indianapolis office of Holliday Fenoglio Fowler (HFF) has secured $2.5 million in construction and mini-permanent financing for a 50-bed student housing project currently under construction near the campus of Indiana University in Bloomington. The loan consists of a construction loan and a 20-year loan with rate resets every 5 years. The proceeds will be used by the borrower, 16th & Dunn LLC, to finish construction of the project. Known as Cherry Hill Manors, the community is located at 1309 N. Dunn St. It consists of five duplex buildings with five beds per unit. The property is fully pre-leased and scheduled for delivery prior to the start of the fall semester. Jon Everson of HFF arranged the loan on behalf of the borrower through a bank.
— Coleman Wood