Updated Feb 17, 2025
Canyon Partners Real Estate, GMH Communities & CRG Secures $78.5M Refinance For The Dean Reno
1475 North Virginia Street
$78,500,000
Units
773
Asset Type
Student Housing
Closing
Feb 13, 2025
About this deal
AI
The Dean Reno is a 773-bed student housing high-rise located at 1475 North Virginia Street in Reno, NV. Canyon Partners Real Estate, GMH Communities, and CRG have secured a refinancing loan amounting to $78.5 million for this asset. This refinancing replaces a previous construction loan of $75.2 million obtained in 2021.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $78,500,000
- Loan Type: Refinance
- Address: 1475 North Virginia Street
- Market: Reno, NV
- Previous Loan Amount: $75,200,000
Justin Glasgow from NorthMarq arranged the refinancing loan for the property, which serves students attending the nearby University of Nevada, Reno. The involvement of Canyon Partners Real Estate, GMH Communities, and CRG underscores their commitment to enhancing student living environments in the area.
Players
Reno 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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93