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| 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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