BLUESTONE REAL ESTATE CAPITAL SECURES $17M LOAN FOR THE REGISTRY STUDENT HOUSING COMPLEX AT WESTERN KENTUCKY UNIVERSITY
BlueStone Real Estate Capital, a Philadelphia-based real estate investment bank, has secured a $17M non-recourse, first mortgage loan for The Registry at
The complex, located directly across the street from campus, consists of 558 beds in 145 units and will be managed by Asset Campus Housing.
“This was a high risk situation due to the fact that the property is still in the lease-up phase,” said Tim Bradley, senior associate at BlueStone Real Estate Capital. “We knew that NewStar could work within these conditions to deliver a loan that would accommodate future leasing to stabilization.”
“This is the type of high stakes deal that demonstrates BlueStone’s expertise. We hope this is the first of many transactions with NewStar Financial,” said Matthew McManus, chairman, BlueStone Real Estate Capital.
The non-recourse loan facility was structured with a 2-year loan term and three 1-year extension options.
