$97,000,000 Refinance for a 1,000+ Bed Student Housing Complex; Mountain States

Transaction Description: 

George Smith Partners has arranged approximately $27,000,000 of Preferred Equity and $70,000,000 of Permanent Debt financing for the refinance of a 1,000+ bed student housing property. The purpose of the loan was to replace the maturing mezzanine debt and preferred equity. 

GSP worked extensively with the client and their team to find the optimal structure to replace their existing lender, subordinate lender and preferred equity investors. The GSP team marketed three separate capitalizations including a ground-lease bifurcation, bridge debt, and preferred equity behind an agency loan with the goal of maximizing proceeds for the client.  

  • Agency Financing
  • Rate: 6.78% Fixed
  • Term: 5 Years
  • Amortization: 30-year amort/No interest only
  • Defeasance:  Standard 4.75-year defeasance period
  • DSCR Minimum: 1.30X
  • Max LTV: 55%
  • Preferred Equity 
  • Preferred Return: 13%
  • Current Pay:  8%
  • Accrual: 5%

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