Updated Oct 28, 2024
Colasacoo Real Estate Group Refinances 179-Unit Student Housing Complex For $8.3M
215 Cornish Drive
$8,300,000
$79/SF
Building Size
104,020 SF
Asset Type
Student Housing
Closing
Jul 15, 2022
About this deal
AI
The 179-unit student housing complex located at 215 Cornish Drive in Slippery Rock, PA has recently undergone a refinancing transaction. The property, owned by Colasacoo Real Estate Group, offers a total area of 104,020 square feet and consists of student housing units.
Summary of transaction details
- Property Type: Student Housing
- Transaction Amount: $8,300,000
- Market: Slippery Rock, PA
- Units: 179
- Square Footage: 104,020
The refinancing deal was facilitated by Brandon Harris from BlackBear Capital Partners, who represented the borrower in this transaction. The loan, provided by a balance sheet lender, amounted to $8,300,000. The loan terms include a 5-year fixed rate at 4.50%, with twelve months of interest-only payments and a 30-year amortization schedule. Notably, there is no prepayment penalty associated with this loan.
Clarington 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
1.91%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93