New York, NY
103,000 Sq. Ft. Student Housing
Financing Amount: $62,500,000
Obtain senior and mezzanine financing for a student housing property with a long-term lease to an unrated tenant bearing modest, fixed, rent increases.
Meridian obtained relatively conservative 60% loan-to-value financing from a CMBS lender, and the remaining 20% of financing proceeds from a specialty finance company, in both cases by demonstrating the potential for higher rents and significant upside if the property were to be re-tenanted.