Boston Student Community Gets $46M Refi
Freddie Mac provided the funds.
The 524-bed Madbury Commons student housing community in Durham, N.H., has recently obtained a $46 million refinancing loan. Freddie Mac provided the fixed-rate financing originated by Greystone.
A private individual owns the 126-unit property, according to Yardi Matrix information. Rialto Capital Advisors is the special servicer. The note carries a 10-year term and amortization, with interest-only payments.
Previous financing includes two CMBS loans totaling $35.8 million, both originated by Cantor Commercial Real Estate, the same data provider shows. Both loans were set to mature in January 2026.
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Located at 17 Madbury Road, Madbury Commons is within walking distance of the University of New Hampshire campus and Memorial Field. Downtown Boston is some 66 miles southwest.
Completed in 2015, the community comprises three-, four-, five- and six-bedroom floorplans ranging between 751 and 1,300 square feet. Apartments are fully furnished.
Common-area amenities include a clubhouse and a business center, along with a fitness center. The property also has 45,000 square feet of ground-floor retail spaces.
Greystone Senior Managing Director Eric Rosenstock, Director Jesse Yodice and Originator Yarin Amzalag originated the note.
Final occupancy for the Yardi 200 was estimated at 95.1 percent in September, according to the latest Yardi Matrix student housing report. The figure exceeded last year’s 93.6 percent index. In terms of rents, the average clocked in at $905 per bed, a 0.8 percent year-over-year growth—the slowest annual increase since 2017.
