CATEGORIES | Debt | Equity | Financial Advisory | Investments | Multifamily | Student Housing
FIDES Capital Partners, LLC ("FIDES") announces that it has arranged the senior bridge financing for the recapitalization of a $50 million, Class A, 472-bed student housing community at the University of Illinois at Urbana-Champaign. “A change in the asset plan at the property caused the sponsor to re-set its leasing strategy. This interruption negatively impacted occupancy for the current academic year, but it re-established the property as a strong value proposition for the following year,” said Greg Longoria of FIDES. “We identified a lender that appreciated the leasing cycles of student housing and understood that the revised business plan was achievable in light of the market. In fact, pre-leasing for the following year demonstrates the change in strategy was definitely the right thing to do.”