$5,500,000
Oxford, MS
Transaction Type
Acquisition
Non-Recourse
Loan Type
Permanent Loan
Situation & Challenges
- Purpose-built student housing complex with 36 units/108 beds
- New construction
- Property was master-leased for 5 years to a local sorority chapter
- No operating history as property was newly constructed
Solutions & Highlights
- The University of Mississippi had positive enrollment, with limited on-campus housing, which pushed students to move off-campus
- Units are cottage-style with full amenities including clubhouse, workout facility, and pool
- Sponsor was a seasoned real estate investor who owned other multifamily properties in the U.S.
- Borrower sold the property; new owner assumed the A10 permanent loan
- 10-year loan term