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» $4.8 Million - Student Housing, NM

Posted by Loan Closed


The subject properties were developed to provide student housing for Eastern New Mexico University with locations in Portales and Roswell, NM. Our sponsor acquired the property in 2017 and has completed the first phase of improvements mostly splitting 4 bed units into two units and also added kitchens. These changes have improved the occupancy of the properties. Our loan will provide funding to complete similar improvements to additional units. Once completed, the Sponsor expects to refinance the property conventionally.

  • Loan Amount: $4,800,000
  • Interest Rate: 8.99%
  • Term: 24 month
  • LTV: 58%

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