Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Power 5 UA Proximity Boosts Borrower’s Game at the Lending Table
Berkadia has secured financing for The Walk, a purpose-built student housing property located in Tuscaloosa, AL. The seven-year loan, with five-years interest-only, was financed at 60% loan-to-value. The rate was locked at application, amidst a volatile market, and closed at a fixed interest rate of 3.50 percent, when rates had widened by over 100 basis points.
Ed Kim and Jie Lee of Berkadia Irvine secured the permanent acquisition financing on behalf of the borrower, Versity Invest, LLC.
“Versity Invest, LLC has a disciplined approach to student housing, focusing on core pedestrian properties that have demonstrated solid performance anchored by the stability of a Power 5 school,” said Lee.
The Walk features one-, two-, three-, four- and five-bedroom furnished floor plans. Community amenities include a swimming pool, a gated parking garage and outdoor courtyards. Residents are near the University of Alabama, Bryant-Denny Stadium and shops and restaurants on Paul W Bryant Drive and McFarland Boulevard.
- ◦Financing
