Updated Dec 4, 2024
Greystone Provides $36.3M Bridge Loan For Bloomington Student Housing
298 Varsity Lane
$36,300,000
Units
226
Asset Type
Student Housing
Closing
Jan 12, 2024
About this deal
AI
A $36.3 million bridge loan has been provided by Greystone Monticello for a 226-unit student housing property in Bloomington, Indiana. The property is located at 298 Varsity Lane in the Bloomington market and is categorized as student housing. The loan, originated by Michael Zukerman and Adam Lipkin of Greystone, aims to transition the asset to a permanent exit, utilizing HUD-insured green financing.
Summary of transaction details
- Property Type: Student Housing
- Transaction Amount: $36,300,000
- Units: 226
- Market: Bloomington, IN
- Lender: Michael Zukerman & Adam Lipkin - Greystone
- Loan Type: Bridge
The bridge loan for the student housing property in Bloomington was arranged by Michael Zukerman and Adam Lipkin of Greystone. The loan provided by Greystone Monticello will help transition the property to a permanent exit, using HUD-insured green financing.
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