IN Student Community Receives $14M Refi
The refinancing includes a cash-out component and also benefits from Fannie Mae's Green Rewards program. The community is fewer than two miles from Indiana University.
By Tudor Scolca
Stratum at Indiana, at 3131 East Goodnight Way
Stratum at Indiana, a 179-unit student housing community in Bloomington, Ind., received $14.6 million in refinancing. CBRE’s Senior Vice President, Benjamin Roelke, secured the funds on behalf of the owner, Suburban Campus Properties, through Fannie Mae’s Delegated Underwriting and Servicing (DUS) program. The loan has a cash-out component with a fixed interest rate, flexible prepayment structure and interest-only payments for the first seven years. It also benefits from Fannie Mae’s Green Rewards program.
“Promoting energy efficiency continues to be a key objective for both Fannie Mae and Freddie Mac. In this case, exceptional financing terms were achieved by combining energy-efficient incentives with a customized financing solution for a very experienced student housing owner,” said Roelke in a prepared statement.
Community highlights
The Stratum at Indiana is located at 3131 E. Goodnight Way in Bloomington, Ind. It includes 79 one-bedroom and 100 two-bedroom units, ranging from 613 to 759 square feet. Common amenities include a 24-hour business center with free printing, a clubhouse, tanning lounges, health and fitness center and yoga studio with classes. According to Yardi Matrix, average monthly rent is at $1,183.
Indiana University can be reached in about 30 minutes on foot or ten minutes by bike from the community. The seven buildings occupy approximately 17 acres near Latimer Woods’ hiking trails and the shops and restaurants on S. College Mall Road. The property is within walking distance of several bus stations, including the 9, 9L and 3 routes.
Image courtesy of CBRE
