Loan Amount: $11,350,000
Property Type: Student Apartment/Housing
Loan Type: Mini Perm
Loan Term: 7-years on the fixed rate and 2-years on the floating rate portion
Crimson Villas – Student Housing
This apartment complex is occupied 100% by students. The leases are by the bedroom not by the unit itself. The property is located in a smaller community supported in part by the State College school with a student population near 7,500. The refinancing was structured in two loans; a $10,875,000 first fixed for 7-years with a 30-year amortization and a $475,000 loan structured as line of credit with at the same 5% fixed rate. The line of credit is interest only with a shorter maturity allowing for the lender to adjust the rates should the market move.