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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.