Miami — The CMBS loan has a fixed rate, 10-year term.
Miami — SL Capital, an exclusive correspondent of Cantor Commercial Real Estate (CCRE), has provided financing that accelerated the purchase of a four-property, Class A student housing portfolio in four separate states.
A $33.5 million collateralized mortgage-backed security (CMBS) loan for the properties has a fixed rate, 10-year term, amortizes over 25 years and has 24 months of interest-only payments. The purchase price was $46.5 million.
The buyer, Campus Evolution, had initially sought financing from Freddie Mac. However, lender requirements stalled the buyer from closing on time.
The properties serve college students attending Murray State University in Murray, Ky., Louisiana Tech University in Ruston, La., the University of Central Missouri in Warrensburg, Mo., and the several colleges located in Spartanburg, S.C. All four student housing complexes were built in 2008 by the same developer and are all located within one mile from campus. Almost all leases are based on a 12-month academic calendar.