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| University Ridge Student Housing, Murfreesboro, TN |
NEW YORK, NY – R3 Funding, a national lender correspondent
providing origination, has arranged a $9.6 million Fannie Mae ARM loan for a
Murfreesboro, TN student housing complex.
The announcement was made by Ray
Potter, managing partner of R3 Funding.
University Ridge is a 512-bed resort style student housing
complex serving Middle Tennessee State University that was acquired by a major
real estate fund in 2012.
The fund bought the property close to stabilization and
utilized the Fannie Mae ARM, which allows them to convert to a fixed rate
product. The Fannie Mae financing that R3 Funding arranged is for a seven-year
term and features a 30-year amortization. The LTV is 70 percent.
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| Ray Potter |
“University Ridge’s resort-style setting makes it a great
housing solution for students at Middle Tennessee State University,” 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 more information visit http://www.r3-funding.com/
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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