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.
The 252-unit property, the Edge Apartment Homes, is located at 321 Edge Way, and is already 100% occupied.
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