Press Release brought to you by CBRE/New England

CBRE/NE Multi-Housing Debt & Structured Finance Arranges $3.5M Refinance of 85-Bed Student Housing Property

07/01/2014

Tuesday, July 1, 2014

 

 

CBRE/New England Contact:

Kara DeMichele

Tel: 617.912.7038

kara.demichele@cbre-ne.com

 

 

CBRE/NE Multi-Housing Debt & Structured Finance Arranges $3.5M Refinance of 85-Bed Student Housing Property

Student housing community financed in Durham, NH

 

BOSTON (July 1, 2014) — CBRE/New England’s Capital Markets team announces the successfully completion of a $3.5 million refinance for an 85-bed, 26-unit student housing property located at 5-7 Dennison Road in Durham, New Hampshire, on the edge of the University of New Hampshire campus.

 

CBRE/NE’s First Vice President of Multi-Housing Debt & Structured Finance, John Kelly, worked on behalf of the borrower, Golden Goose Capital LLC (“GGC”), to obtain the financing. Kelly added, “We are pleased to have facilitated this transaction on behalf of GGC, a fast-growing student housing operator who has vastly improved operations at the property. We placed the deal with a CMBS shop that closed the deal in a 30-day timeframe.”

 

“Working with CBRE/NE’s Multi-Housing Debt & Structured Finance team allowed us to market the property to the right set of capital sources and obtain the terms that mirrored our business plan,” said Barrett Billotta, Chief Operating Officer for the sponsor. “We are pleased with the result to secure long-term, non-ecourse debt at what continues to be historically low interest rates. This refinance solidifies our long-term strategy to be the premier owner/operator in the New England student housing market.”

 

5-7 Dennison Road contains two attached two- and three-story buildings. Over the last 12 months, the sponsors have upgraded units and common areas. The property is in a prime student housing location situated at the southeastern edge of the University of New Hampshire’s campus. There are 48 parking spaces with an average unit size of 960 square feet.

 

 

About CBRE/New England

CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

 

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07/01/2014 - 09:18

Source

CBRE/New England

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