Property:

644-bed student housing complex 1 mile from West Virginia University

Location:

Morgantown, WV

Financing:

HRC arranged $10.3M of debt financing for the acquisition and repositioning of the Ridge, a 168-unit, 644-bed garden style student housing complex serving students attending WSU. Sponsor will spend significant capital expenditures to renovate unit interiors and common area amenities. The 67% LTC floating rate debt was arranged with a private lender and will roll to a fixed rate Fannie Mae loan in two years once the property is stabilized.