Gateway on Cullen
|Deal Type||Fannie Mae|
The transaction includes a $34,745,000 ($65,433/bed) non-recourse, first mortgage loan secured by a 531-bed (190 units) class-A, mid-rise student housing community, Gateway on Cullen, located in Houston, TX. The property serves the students attending the University of Houston (0.5 mile). Built in 2017, the property is comprised of a, four-story apartment building. The property has 10 year tax abatement with the city of Houston attached to the land. The proposed loan is used to facilitate the acquisition of the property. The loan is structured with a 7-year interest-only term, followed by a 30-year amortization schedule.