Stillwater, Okla. — Marcus & Millichap has arranged a bridge loan for the recapitalization and acquisition of One on 4th, a 475-bed student housing community located one block from the Oklahoma State University campus in Stillwater.
The property offers fully furnished studio, one-, two- and four-bedroom units with bed-to-bath parity. Shared amenities include a fitness center, resort-style swimming pool, clubhouse, two private courtyards, a picnic area and business center.
Todd McNeill and Jacob Rich of Marcus & Millichap secured the 36-month, non-recourse, interest-only financing on behalf of an undisclosed client. “Challenging under normal circumstances, financing was further impacted by the property’s 0 percent occupancy for the school year due to construction delays and issues related to COVID-19, including whether the university was going to open or not, the softening of the student housing market in Stillwater and the complete absence of agency lenders, who have, for the time being, suspended lending on student housing properties,” says McNeill.