Progress Capital Secures $16 Million for Lehigh Student Housing Portfolio
Bethlehem, PA- Brad Domenico arranged $16,000,000 in financing for a valued client to acquire a 44 unit, 219 bed, multi-site Student Housing Portfolio adjacent to Lehigh University.
Student Housing is known to be recession resilient and offers a degree of stability that is seldom present in other real estate sectors, particularly during periods of market volatility. The rare opportunities available to purchase these property types is the exact reason the client was eager to lock in financing and secure this deal. Furthermore, because of the property’s topography, situated between a mountain and the Lehigh River, there is little room for new construction.
The client’s long-term goal is to use advances in technology and professional management to grow and professionalize the off-campus Student Housing portfolio, which has been traditionally operated as a “Mom and Pop” business.
Brad worked with Ladder Capital who provided 3 years interest-only, non-recourse, 75% LTV with a fixed rate of 4.75% for 10 years based on a 30-year amortization. These factors enabled the client to proceed with his business plan to continually improve and enhance the value of the property by minimizing expenses and maximizing returns.
The Lehigh Valley is located approximately 60 miles north of Philadelphia, 80 miles northeast of Harrisburg and 90 miles west of New York City. It is centrally located in the Northeast Megalopolis with ease of access and close proximity to several of the largest markets, population centers, airports, terminals, railways and seaports in the United States including both the New York and Philadelphia metropolitan areas.
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.
We get you to the closing table…Plain and Simple. #thatsprogress