Deal: NM Student Housing
Location: Roswell, NM & Portales, NM
Collateral: Two student housing communities located on sister Eastern New Mexico University campuses.
Amount: $4,750,000
Type: Bridge Loan
Purpose: The purpose of this loan was to refinance existing debt, and provide funds for planned improvements, on two student housing properties located on separate campuses of Eastern New Mexico University. Both are located in small markets. We were able to find a lender who was not only willing to lend on student housing properties for a small university located in the tertiary markets but was also able to fully refinance the existing debt and fund 100% of the planned capital improvements.