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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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