Square Mile Capital Provides $47.2M Loan For 505 Walnut Ave Student Housing
FINANCED
$47,200,000
New York
See Similar DealsStudent Housing
FINANCED
Square Mile Capital Provides $47.2M Loan For 505 Walnut Ave Student Housing
505 Walnut Ave, Syracuse, NY, 13210
See Similar DealsStudent Housing
Summary
NEW YORK
Asset Type:Student Housing
Transaction Type:Loan
The property at 505 Walnut Ave, Syracuse, NY, 13210 is a 363-bed student housing complex serving students at Syracuse University. The acquisition loan provided by Square Mile Capital amounts to $47.2 million. The property consists of 126 units with one-, two-, three-, and four-bedroom layouts. Amenities include a 24-hour fitness center, computer lab, study pods, outdoor sky lounge, community kitchen, pet washing stations, and a ground-floor café.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $47,200,000.00
- Address: 505 Walnut Ave, Syracuse, NY, 13210
- Market: Syracuse
- Borrower's Rep: Trent Houchin (Newmark)
- Lender: Square Mile Capital
Trent Houchin of Newmark represented the borrower, New York City-based CREM Capital, in securing the $47.2 million acquisition loan from Square Mile Capital for the student housing property located at 505 Walnut Ave. in Syracuse, NY.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$47,200,000.00
Monthly NOI$314,666.67
Monthly Debt Service$298,336.11
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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