Monday, January 21, 2013

SL Capital Arranges $34 Million CMBS Loan for Acquisition of Class A Student Housing Portfolio



Constantine Scurtis
 MIAMI, FLI – (Jan. 21, 2013) —SL Capital, an exclusive correspondent of Cantor Commercial Real Estate (CCRE), has provided financing that accelerated the purchase of a four-property, Class A student housing portfolio located in four separate states.

 A $33.5 million collateralized mortgage-backed security (CMBS) loan for the properties has a fixed rate, 10-year term, amortizes over 25 years and has 24 months of interest-only payments. The purchase price was $46.5 million.

 The buyer, Campus Evolutions, had initially sought financing from Freddie Mac. However, lender requirements stalled the buyer from closing on time. SL Capital stepped in and provided the financing needed to help the sale go through.

 “SL Capital can be more flexible and close faster than a government agency. We can be competitive with all lenders on this and other types of properties,” said SL Capital co-chairman and CEO Constantine Scurtis. 

The properties serve college students in Murray, KY, Ruston, LA, Warrensburg, MO, and Spartanburg, SC. All four student housing complexes were built in 2008 by the same developer and are all located within one mile from main campus. Almost all leases are based on a 12-month academic calendar.

For a complete copy of the company's news release, please contact:

 Media Contact:

Todd Templin
Boardroom Communications
954-370-8999 or 954-290-0810



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