Updated Dec 4, 2024
Greystone Monticello Provides $36.3M Bridge Loan For Student Housing In Bloomington, IN
1919 North Dunn Street
$36,300,000
Units
226
Asset Type
Student Housing
Closing
Jan 10, 2024
About this deal
AI
A $36.3 million bridge loan was provided by Greystone Monticello for a 226-unit student housing property located at 1919 North Dunn Street, Bloomington, Indiana. The property is situated in the Bloomington market and is classified as student housing.
Summary of transaction details:
- Asset Type: Student Housing
- Units: 226
- Lender: Michael Zukerman & Adam Lipkin - Greystone Monticello
- Loan Amount: $36,300,000
- Loan Type: Bridge Loan
Gary Lincoff of Greystone Monticello served as a representative for Michael Zukerman and Adam Lipkin in the deal. The primary objective of the loan is to transition to permanent financing using HUD-insured green financing. The non-recourse bridge-to-perm solution provided by Greystone Monticello is considered unique and advantageous in the challenging capital markets.
Players
Bloomington Student Housing Market Snapshot
Boundary boundary · Student Housing · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93