$23.6 Million in Financing for Conway, SC Student Housing Arranged by R3 Funding

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.

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