Summary: The Madison Group (TMG), a leading national lending source of multifamily and student housing financing,arranged the $3,039,600 purchase of a student housing
complex in northern Utah. The borrower’s goals were met in purchasing this value-add
project and are now taking the time to update and enhance the asset before the fall
semester.
The borrower had a purchase contract and an appraisal, but was having a
difficult time finding the lending program that would provide a high enough LTV to
meet his 25% down payment . TMG had a very short timeline to
close with the contract expiring within 30 days. The borrower received a 75%
LTV loan and closed timely. The aggressive interest rate with no prepayment
penalty on the loan will allow the borrower to enhance the asset and reposition
the debt to a nonrecourse loan in the next 12-24 months.
Location: Utah
Property: Student Housing Apartments
Loan Amount: $3,039,600
Interest Rate: 4.49%
Term: 3 Year with a 3 year extension if needed
Amortization: 25 Year
Prepayment: None