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iBorrow Lends $52m on Temple U. Student Housing
Direct lender iBorrow has provided a $52-million loan secured by The Edge Student Village, a 798-bed, 12-story building in Philadelphia. The property provides housing for students of Temple University, one of the state’s premier public research universities and the third-largest provider of professional education in the country.
The financing will support significant upgrades to the property, strategically positioning the community to attract student residents as campus life continues to normalize following the pandemic, said Brian Good, CEO of iBorrow.
“Student housing has proven its resilience as it remains an essential aspect of university life, providing students with the opportunity to connect with their peers and utilize campus resources in ways that might not otherwise be possible,” Good said. “The borrower’s strategic upgrades to The Edge to enhance curb appeal will drive up resident demand, resulting in a substantial increase in net operating income.”
- ◦Financing
