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Student Housing Conversion

Painesville, Ohio

Loan Amount


Deal Description

The property is a former Chase banking building located in a historic district and an opportunity zone. The borrower is converting the property into a 171-unit student-housing property for Lake Erie Community College. Kay Finance was able to secure a creative structure from a banking partner that optimized the borrower’s business plan through the construction phase to stabilization

Property Location

Painesville, Ohio

 Quick Stats 
Partner Type


Program Type

Conventional, fixed rate perm

Program details

- LTV: 65%
- Fixed Rate
- Term-7yr
- 5 years I/O

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