BlueStone Real Estate Capital Secures $17M Loan for The Registry Student Housing Complex at Western Kentucky University.PHILADELPHIA -- BlueStone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. 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 Student Body Profile WKU had a total enrollment in the Fall Semester of 2002 (the latest published figures) of 17,818 students. Out of this total, 73% were full-time and 85% were undergraduates. Ethnic and racial minority enrollment was just under 13% at 2,097. , a student housing complex in Bowling Green Bowling Green. 1 City (1990 pop. 40,641), seat of Warren co., S Ky., on the Barren River; inc. 1812. It is a shipping and marketing center for an area producing tobacco, corn, livestock, and dairy items. , 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 High Stakes is a British sitcom starring Richard Wilson that aired in 2001. It was written by Tony Sarchet. The second series remains unaired after the first received a poor reception. 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 Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. 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 NJPA New Jersey Press Association Real Estate Journal's "Deal of the Year" for securing $70,800,000 in construction and permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. for The Edge at Avenue North, the largest single-structure, state of the art student housing building in Pennsylvania. For more information please visit www.bluestonecap.com |
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