A refinancing loan of $14,291,000 was secured for a multifamily and student housing property in the Upper Midwest. The property consists of 400,000+ square feet and includes 400 units across 7 buildings. The loan was obtained through a mix of interim and permanent financing on a nonrecourse basis, with execution from both agency and debt fund sources. The financing arrangement allows for repositioning flexibility in the future, as a large percentage of the returned equity is not subject to prepayment penalty provisions.

Summary of transation details

• Property Type: Multifamily & Student Housing
• Transaction Amount: $14,291,000
• Asset Type: Multifamily & Student Housing
• Square Footage: 399,786
• Units: 400
• Address: Upper Midwest

Gregory Kavoklis from Matthews Real Estate Investment Services facilitated the loan transaction as the broker. The loan was arranged with a focus on securing a mix of interim and permanent financing options. This involved coordinating with both agency and debt fund sources to obtain nonrecourse financing for the property. The multifamily portfolio, which includes a student housing component, spans 7 buildings in the Upper Midwest. The flexibility of the financing arrangement enables future repositioning opportunities, thanks to the absence of prepayment penalty provisions on a significant portion of the returned equity.