Wilmington, NC – March 6, 2020 – Berkadia today announced $18.94 million in financing for Lighthouse, a student housing community near University of North Carolina Wilmington (UNCW). Managing Director Ed Kim and Associate Director Jie Lee of Berkadia’s Irvine office secured the financing on behalf of the buyer, Chicago-based OC Ventures. The deal closed February 11.
The 12-year Fannie Mae loan features a competitive fixed rate with 5 years interest only and 70 percent LTV.
“OC Ventures has made a number of strategic acquisitions in the past year and Lighthouse is in keeping with their targeted asset profile,” says Lee. “University of North Carolina Wilmington is a top-rated university with strong enrollment, making this property a solid investment.”
Located at 4955 Pepys Lane, Lighthouse is just 950-feet from UNCW and six miles from Cape Fear Community College. Two- and three-bedroom floorplans include balconies and patios, private bedrooms and bathrooms, walk-in closets, stainless steel appliances, and granite countertops. Community amenities include a resort-style pool, fitness center, movie theater, sand volleyball court, fire pit, and grilling station.
Berkadia Secures $18.8M in Financing for Student housing Community in Wilmington | CityBizList