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High Leverage Multifamily/ Student Housing Finance
NEW YORK, NY, November 11, 2020 /24-7PressRelease/ -- Trinity Street Capital Partners (TSCP) (www.trinitystreetcp.com), a full service real estate investment bank, announces the origination of a $15MM, senior mortgage for the acquisition of a 240 unit student housing complex located in State College, PA. The permanent loan had a 7 year term, a historically low fixed rate of 3.2%, 30 year amortization, with one year of interest only and achieved an 80% loan-to-value ratio.
State College is a home rule municipality in Centre County in the Commonwealth of Pennsylvania. It is a college town, dominated economically and demographically by the presence of the University Park campus of the Pennsylvania State University (Penn State).
State College is the largest designated borough in Pennsylvania. It is the principal borough of the six municipalities that make up the State College area, the largest settlement in Centre County and one of the principal cities of the greater State College-DuBois Combined Statistical Area with a combined population of 236,577 as of the 2010 United States Census. In the 2010 census, the borough population was 42,034 with approximately 105,000 living in the borough plus the surrounding townships often referred to locally as the "Centre Region."
According to a spokesperson at Trinity Street, "The student housing market had been hit particularly hard, as Covid-19 caused the shutdown of many US college campuses. Trinity Street dug deep into the background of each of the 240 tenants at the property to determine their financial capacity and credentials. A thorough underwriting revealed that despite the threat of Covid-19, the property economics and the strong sponsorship, merited the origination of the loan." This particular loan closed in September, 2020, despite being one of the most difficult periods in the history of US financial markets, TSCP honored it's commitment to the client.
Trinity Street Capital Partners focuses on non-recourse, high leverage senior & subordinate non-recourse commercial mortgages, construction loans and real estate private equity, with investments starting at $5MM on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties, located throughout the fifty states.
For more information about Trinity Street Capital Partners and the services it provides, go to www.trinitystreetcp.com.
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