|GMAC Commercial Mortgage Corporation said it financed a $38.7 million loan on a class A student property in Gainesville, Florida for Campus Development Group. The mortgage, closed under Fannie Mae’s new Student Housing Lending Pilot Program, has a ten year term and is locked in at less than seven percent. Campus Lodge of Gainesville has 360 units and is located two miles from the University of Florida campus.GMAC said it is also provided $27 million in construction financing on a dedicated Student Housing project in the Midwest.
Financing for the Kendall Mall, a 278,925 square-foot property in Miami, Florida, was arranged by GMAC for CB Kendall Mall, Inc. The $26.5 million loan has a fixed rate and will be used to refinance existing loans. Among the anchor tenants are JC Penney, Borders Books & Music and Bank of America.
indicates that 95 units are subject to LIHTC rent restrictions, while 100% of the units must be rented to families earning 60% or less of the Area Median Income (AMI), and at least 10% of those units must be rented to families earning no more than 30% of the AMI.
|GlobeSt.com reported the following transactions: