DEAL OF THE DAY: Green Park Financial Closes $13.2M Acquisition Loan for Student Housing Property
- May 19, 2008
By Anuradha Kher, Online News EditorBethesda, Md.–Green Park Financial recently provided a $13.2 million acquisition loan for Warehouse Apartments located in Chapel Hill, N.C. Green Park structured the loan with a five-year term, three years of interest only, followed by a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.17x debt-service coverage ratio.Warehouse Apartments is a 55-unit, 215-bed, four-story student housing property built in 1999. The property was 100 percent leased at closing.