BlueStone Real Estate Capital, a Philadelphia-based real estate investment bank, has secured a $17M non-recourse, first mortgage loan for The Registry at Western Kentucky University, a student housing complex in Bowling Green, KY. NewStar Financial was the lender in the transaction.
The complex, located directly across the street from campus, consists of 558 beds in 145 units and will be managed by Asset Campus Housing.
“This was a high risk situation due to the fact that the property is still in the lease-up phase,” said Tim Bradley, senior associate at BlueStone Real Estate Capital. “We knew that NewStar could work within these conditions to deliver a loan that would accommodate future leasing to stabilization.”
“This is the type of high stakes deal that demonstrates BlueStone’s expertise. We hope this is the first of many transactions with NewStar Financial,” said Matthew McManus, chairman, BlueStone Real Estate Capital.
The non-recourse loan facility was structured with a 2-year loan term and three 1-year extension options.
About BlueStone Real Estate Capital
BlueStone Real Estate Capital is a Philadelphia-based commercial real estate investment banking firm that secures innovative debt, mezzanine, equity and sponsor equity financing for the nation’s top-tier investors, operators, owners and developers. Leveraging its up to the minute market knowledge, credibility and relationships with highly regarded institutional financing sources, BlueStone specializes in closing complex deals for sophisticated clients.
Recently, BlueStone was awarded the NJPA Real Estate Journal’s “Deal of the Year” for securing $70,800,000 in construction and permanent financing for The Edge at Avenue North, the largest single-structure, state of the art student housing building in Pennsylvania