Fields of Bluegrass
$13,150,000, 70% LTC, 2-year bridge loan
171-unit, 537-bed student housing property
Highland negotiated a $13,150,000, 70% LTC, 2-year bridge loan for the acquisition of Fields of Bluegrass, a 171-unit, 537-bed student housing property less than one mile from the University of Kentucky in Lexington, Kentucky. Highland arranged the financing on behalf of Orange County-based student housing investor Academy West Investments, who will be purchasing the asset out of foreclosure. Roughly $2,500,000 of proceeds will be held back for significant interior and exterior capital improvements to reposition the asset.