|Deal Type||Freddie Mac|
The transaction includes a $26,521,000 ($83,399/bed) non-recourse, first mortgage loan secured by a 318-bed (84 units) garden-style student housing community, Campus Walk, located in Buffalo, NY. The Property serves the students attending the Buffalo State University. Built in 2017, the Property comprises of two, five-story apartment buildings, spread on 2.05 acres of land. The Borrower developed the Property in 2017 for $34.75MM and the proposed loan will be used to refinance an existing loan. The loan is structured with a 10-year term with initial 36 months of interest only period and amortizing on a 30-year schedule thereafter.