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Student Housing Conversion

Painesville, Ohio

Loan Amount

$9,812,500

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

Bank

Program Type

Conventional, fixed rate perm

Program details

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

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