Summary:
- A joint venture between Värde Partners and Hawkins Way Capital will obtain a $431 million CMBS loan for Monarch Portfolio, a collection comprising three student housing communities in New York City and Boston, according to a Morningstar DBRS report. The properties total 2,407 beds across 1,257 units.
- Goldman Sachs Bank and Wells Fargo Bank will originate the two-year, interest-only note with three one-year extension options. Deutsche Bank National Trust Co. will serve as trustee. The deal is expected to close at the end of this month.
- Proceeds will be used to refinance $383.5 million of total existing debt. Another $12 million will represent closing costs and the remainder will return to the sponsors as equity.
Original article:
https://www.multihousingnews.com/varde-hakwins-to-land-431m-for-student-housing-portfolio/
