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BridgeInvest Provides $54.3 Million Loan To Refinance The Avery Student Housing In Philadelphia
FINANCED
$54,300,000
Pennsylvania
See Similar DealsStudent Housing
Financed 10/22/2024
FINANCED
BridgeInvest Provides $54.3 Million Loan To Refinance The Avery Student Housing In Philadelphia
1601 North 15th Street
See Similar DealsStudent Housing
Financed 10/22/2024
Summary
PENNSYLVANIA
Asset Type:Student Housing
Transaction Type:Loan
The Avery is a 796-bed student housing property located at 1601 North 15th Street in Philadelphia, PA. The property serves students from Temple University and features amenities such as a fitness center and retail space, which have been enhanced following recent capital improvements and a rebranding from The Edge. The loan amount secured for this property refinancing is $54.3 million, facilitated by BridgeInvest.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $54,300,000
- Lender: BridgeInvest
- Market: Philadelphia, PA
- Beds: 796
This refinancing deal was executed on 10/22/2024, and BridgeInvest has played a key role in supporting the financial restructuring of The Avery, contributing to its repositioning within the market focused on student accommodations.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$54,300,000.00
Monthly NOI$362,000.00
Monthly Debt Service$343,212.94
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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