Prime Finance Provides $79 Million Refinance For Student Housing Property In Charlotte NC

The property asset involved in this transaction is a student housing facility located in Charlotte, NC, with a total square footage of 238,910. It was refinanced for a loan amount of $79,000,000 under specific loan terms to assist in achieving full stabilization of the asset.

Summary of transaction details:

• Property Type: Student Housing
• Transaction Amount: $79,000,000
• Lender: Prime Finance
• Loan Type: Refinance
• Loan Terms: 3+1+1, Non-Recourse Bridge to Bridge execution
• Loan Rate: SOFR + 280
• Brokers: Ralph Wurzburger, Mark Vinitsky, Brandon Davoudi, and Kyle Raffo - Lument

The brokers involved played a critical role in facilitating the deal. Notably, Ralph Wurzburger, Mark Vinitsky, Brandon Davoudi, and Kyle Raffo represented the interests of their client, who sought to refinance the existing bridge loan on a property that was initially only 20% pre-leased, leading to less favorable pricing terms prior to the new agreement.