CBRE Capital Markets recently secured $17.3 million of permanent debt financing on behalf of student housing owner/operator for the refinance of a twelve-property student housing portfolio located in Champaign-Urbana, Illinois. The transaction was led by Vice President John Parrett and Senior Analyst Jennifer Schuck of CBRE Chicago’s Capital Markets Debt & Structured Finance Team.
CBRE was engaged by Illinois Properties Inc. to refinance twelve student housing assets located on and around the University of Illinois campus in Champaign-Urbana, Illinois. The property sizes range from 6 to 34 units per property, totaling 163 units.
CBRE procured fixed rate non-recourse financing with a life insurance company on behalf of the borrower. The financing consisted of two cross-collateralized loans with varying maturity dates.