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Brokerage
Posted: May 9, 2011
Cassino of Berkadia Commercial Mortgage finances $13.35 million 120-unit student housing property
Berkadia Commercial Mortgage originated $13.35 million in permanent, fixed-rate debt through a third-party conduit for the refinance of Campus Habitat 15, a student housing property. The loan features a five-year term and 30-year amortization.
Built in 2002, the subject is a 120-unit, 481-bed property adjacent to the University of Wyoming. The property is operating at 99% occupancy. Senior VP Nick Cassino, from Berkadia's N.Y.C. office, originated the transaction. The borrower was Campus Habitat 15 LLC.
"Berkadia canvassed the market to obtain quotes from the active conduit lenders that could meet the leverage required for the loan," Cassino said. "Our access to active conduit lenders enabled us to deliver the best structure and pricing available for our client."
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