Updated Dec 4, 2024
Greg Young Of Colliers Mortgage Secures $34.6 Million Loan For 675-Bed Student Housing In Tyler
3400 Varsity Drive
$34,600,000
Building Size
—
Asset Type
Student Housing
Closing
Nov 14, 2024
About this deal
AI
The Foundry, a student housing asset located at 3400 Varsity Drive in Tyler, features 675 beds. The property is positioned near the University of Texas at Tyler and includes amenities such as a pool, clubhouse, and fitness center. The acquisition loan for this property totals $34,600,000.
Summary of transation details:
- Property Type: Student Housing
- Transaction Amount: $34,600,000
- Broker: Greg Young - Colliers Mortgage
- Loan Type: Acquisition
- Market: Tyler
- Asset Beds: 675
Greg Young, representing Colliers Mortgage, originated the acquisition loan, which includes provisions for capital improvements to enhance the property's existing features.
Players
Tyler 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
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93