By Adina Marcut
Berkadia has secured a $46 million bridge loan for The Quarters at Iowa City, a 336-unit, Class A student housing community located in Iowa City, Iowa, serving students attending the University of Iowa. Senior Managing Director Peter Benedetto and Associate Director Aaron Moll of Berkadia’s Detroit office arranged the two-year, interest-only term loan through Voya Investment Management, on behalf of The Tailwind Group.
Located at 2401 E. Highway 6, the two-story building property is approximately four miles from the University of Iowa. The 892-bed community features a mix of studios, two- and three-bedroom units offering fully renovated units. Each unit includes private bathrooms, black-finish kitchen appliances, dishwashers and washer/dryer.
Built in 1960, The Quarters at Iowa City offers amenities such as:
- 24-hour clubhouse
- fitness center
- game/lounge area
- golf simulator
- indoor racquetball and basketball
- laundry facilities in each unit
- swimming pool and hot tub
- study areas
- outdoor basketball and volleyball courts
- outdoor grill area
“This bridge loan allowed the sponsor to return some equity to its investors when refinancing, while also improving cash flow,” said Moll in a statement. “The sponsors demonstrated an ability to completely reposition this asset and put forth a business plan that is already showing great success. Voya recognized the sponsors’ proven track record and ability to continue to add value, rewarding them with great loan terms.”
Recently, Berkadia arranged the sale and financing of Estate at Fountain Lake, a 306-unit Houston multifamily asset in the Sugar Land submarket.
Image courtesy of Berkadia
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