Student housing financing
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. "
Property: Student Housing
Loan Amount: $4,600,000
Interest Rate: 4.49%
Amortization: 30 Years
Prepayment: No prepayment penalty