CBRE Capital Markets’ Debt & Structured Finance team has arranged $14.65 million in permanent debt for the refinance of the Stratum at Indiana, a 180-unit garden-style student housing property located near Indiana University in Bloomington, Indiana.
Benjamin Roelke of CBRE’s Dallas office arranged the long-term financing on behalf of Suburban Campus Properties through CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program, CBRE Multifamily Capital Inc. The refinance featured a significant cash-out component combined with a low fixed interest rate, flexible prepayment structure and interest-only payments for the first seven years of the loan term. CBRE structured the financing with Fannie Mae’s “Green Rewards” program, which offers significant financing incentives for property owners who are enacting energy efficient upgrades.
The Stratum at Indiana is located just one mile southeast of the Indiana University campus and downtown Bloomington. The asset features spacious, fully-furnished floorplans with optional garage parking. The property also features a private swimming pool, dog park and direct access to the Latimer Woods public park.
