The Cottages on Port Republic
Overview
Deal Type |
Agency Lending |
---|---|
Size |
$36.5 Million Fannie Mae Fixed Rate Loan |
Summary
The transaction includes a $36,500,000 ($60,833/bed) non-recourse, first mortgage loan secured by a 600-bed (180-unit), dedicated student housing property known as The Cottages on Port Republic, located in Harrisonburg, VA. It serves students attending the James Madison University, 1.7 miles from the property. Built in 2013 and renovated over the past 4 years, the property is comprised of 121, 2-story residential buildings, situated on 23.08-acres of land. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a 5-year term, and subsequent to a 3-year interest only period, amortizes on a 30-year schedule.
Banking products and services are offered by KeyBank National Association. All credit products are subject to collateral and/or credit approval, terms, conditions, and availability and subject to change.