BLACKSBURG, VA—Berkadia recently secured $48 million for a Campus Management Group affiliate through a life insurance company for a newly-constructed student housing property.
The loan term is for 20 years at a fixed 4.01%.
It is a significant deal for Berkadia, representing one of the student housing team's largest transactions, according to John M.R. Reed, who arranged the financing. The company was able to lock in a favorable interest rate early in the underwriting process, he added.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
