- 360 unit Class B student housing complex
- Average occupancy of 61%
- Property placed with special servicer after foreclosure
- While in receivership, the property lacked incentivized management leading to deferred maintenance and capital improvements issues
- Property deficiencies will be addressed through a three-phase capital improvement plan
- Experienced sponsorship which has successfully implemented similar business plans at four other student housing complexes
- Sponsor engaged new management firm that specializes in managing student housing properties across the U.S.
- 5-year term plus extensions