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Student housing financing

Recently Closed Loan: Student Housing Project in Idaho

Tags: Student Housing Loans, Student Housing Finance Experts
Thursday, Feb 28, 2019
by Jeff Meierhofer
Summary:  The Madison Group (TMG), a leading source of student housing financing nationwide, arranged the $4,600,000  refinance for a student housing project.  The borrowers goals were to payoff the current construction debt and get a  long term loan.  They were looking for an aggressive rate, shorter term, and no prepayment penalty.

TMG reached out to multiple lenders to get the borrower the best pricing and loan to fit their financing goals. "We originally tried to place the loan with Fannie Mae, but ran into an issue because the property was newly constructed and it had less than one year of full occupancy. We then moved to a bank loan and worked diligently to facilitate a timely closing while being up against the holidays and short timelines," said Jeff Meierhofer, Director of Finance.  "The successful closing allowed the borrower  to payoff off his existing construction loan to move forward with another construction loan for another project. " 

Location: Idaho
Property: Student Housing
Loan Amount: $4,600,000
Interest Rate: 4.49% 
Term: 3-Year
Amortization: 30 Years 
Prepayment:  No prepayment penalty