MONDAY, AUGUST 25, 2008

Grandbridge Funds $24 Million student housing community in Lafayette

by Midwest Real Estate News Reports
Columbus

The Columbus, Ohio office of Grandbridge Real Estate Capital LLC has funded a $24,000,000 first mortgage secured by The Quarters at Rue Principale, a 205-unit, Class "A" student housing apartment community on the campus of the University of Louisiana at Lafayette in Lafayette, La.

The long term financing of the 580-bed complex was funded by Grandbridge and sold to Fannie Mae under its DUS Cash Early Rate Lock program. Proceeds from the transaction will be used to pay off existing construction loans and closing costs. The fixed-rate loan carries a 10-year term, with the initial two years interest-only, followed by a 30-year amortization schedule.

The property, built in 2007 in two phases, with the last 71 units / 190 beds completed in the fall of 2007, was fully leased for the spring 2008 semester. Comprised of five buildings totaling 252,309 gross square feet and 247,738 total leasable square feet, the three-story buildings feature a mix of 10 unit types.

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