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Chicago & Midwest  + Illinois  + Illinois  + Student Housing  | 

BWE Secures $10M to Acquire UIUC Student Housing Portfolio

BWE, a national commercial and multifamily mortgage banking company, has secured a $10 million preferred equity investment to finance the acquisition of a student housing portfolio near the University of Illinois Urbana-Champaign campus.

Mike Guterman, senior vice president in BWE’s Los Angeles office, originated the deal on behalf of a major East Coast student housing owner and operator. The portfolio consists of a mix of single-family and small multifamily properties, totaling 616 beds across 170 units.

“In this tight financing market, preferred equity can be a powerful option to provide capital to owners and developers,” said Guterman. BWE tapped into the more liquid preferred equity market to fill out the capital stack, which includes a five-year, 60 percent LTC senior loan with a cost ratio from a Midwest regional bank. Acquired from a multigenerational ownership group that had held the properties for 100 years, the sponsor will renovate and redevelop some of the properties to add value to the portfolio.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.