Freddie Mac Student Housing Mortgage Product Earns an 'A' With New Borrower
| Name: | Copper Beech Townhome Community |  |
|---|---|---|
| Location: | State College, Pennsylvania | |
| Loan/Deal Type: | Freddie Mac Student Housing Mortgage | |
| Number of Units: | 87 units | |
| Loan Amount: | $8.8 million |
Freddie Mac has really done its homework in support of underwriting student housing.
David Meese
senior vice president, CBRE Melody
Freddie Mac purchased an $8.8 million loan from CBRE Melody allowing new Freddie Mac borrower Jack McWhirter to refinance the Copper Beech Townhome Community. The property is located in State College, Pa. and serves the student population of Penn State University with 11 buildings housing 87 units.
The transaction benefited from the Freddie Mac Student Housing MortgageSM, which offers financing for the acquisition or refinancing of purpose-built student housing, and traditional garden, mid-, or high-rise multifamily properties that are more than 50 percent occupied by students.
“At a time when there are few sources of financing for student housing, Freddie Mac is providing a great product," said David Meese, senior vice president at CBRE Melody. "Freddie Mac has really done its homework in support of underwriting student housing. They understand the need for and the merits of high quality student housing and borrower sponsorship. During the underwriting process it seemed the market was changing every day; however, the Freddie Mac team was persistent and successfully got this financing to the goal line."
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