Emet Capital Management has secured a $52 million loan for The Edge Student Village, a 798-bed community in Philadelphia, serving the students at Temple University. iBorrow provided the loan, which will support upgrades to the property.
The company acquired the community from Campus Living Villages for $60 million last year in an all-cash deal, Yardi Matrix shows.
Completed in 2005, the 12-story building comprises 240 units with studio and two-bedroom floorplans, ranging from 210 to 360 square feet. Property amenities include a fitness center, lounge area, community kitchen, bike storage, study spaces and laundry facilities, as well as 40 available parking spaces.
The Edge Student Village is located at 1601 N. 15th St., within walking distance of Temple University and The Liacouras Center. Various retail and dining options, including The Fresh Grocer of Progress Plaza and Sullivan Progress Plaza Shopping Center, are less than half a mile from the property.
The community is one of the 17 completed properties and 8,396 rooms serving students at Temple University. There are also two planned or prospective properties that will add roughly 1,300 rooms to the current inventory, according to Yardi Matrix data.
The student housing sector is expected to grow, as the campus experience is remaining an essential aspect of the university life. The investment represents an opportunity for the borrower to implement upgrades and enhance curb appeal, driving up resident demand, Brian Good, CEO of iBorrow, said in a prepared statement.