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| Ray Potter |
NEW YORK, NY – R3 Funding, a national
lender correspondent providing origination and workout services, has arranged a
$23.6 million fixed rate CMBS loan for a Conway, SC student housing complex.
The announcement was made by Ray Potter, managing partner of R3 Funding.
Monarch 544, located at 650 Highway 544 in Conway, consists
of a total of 222,322 square feet of off-campus student housing for Coastal
Carolina University.
There are over 125 residences there in all—92 four-bedrooms,
and 36 two-bedrooms. Each residence is fully furnished, with in-unit washers
and dryers and private bedrooms and bathrooms.
Complex-wide amenities include a
hammock lounge, fitness center, pool and lighted sand volleyball court.
The CMBS financing that R3 Funding arranged is for a 10 year
term and features a 30 year amortization. The LTV is 75 percent.
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| Monarch 544 Student Housing, Conway, SC |
“Monarch 544’s resort-style setting makes it a great housing
solution for Coastal Carolina University’s students,” said Mr. Potter. “We were
happy to be able to connect ownership in a timely fashion with the financing
that best suited its needs.”
For a complete copy of the company’s news release, please
contact:
Great Ink Communications—212-741-2977
Eric Gerard, Eric@greatink.com
Carl Gaines, carl@greatink.com
Roxanne Donovan, Roxanne@greatink.com
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