CATEGORIES | Debt | Equity | Financial Advisory | Investments | Multifamily | Student Housing
FIDES Capital Partners, LLC ("FIDES") announces that it has arranged the senior debt financing for the recapitalization of a $80 million, Class A, 526-bed student housing community at the University of Illinois at Urbana-Champaign. “An unexpected bankruptcy filing by a key subcontractor delayed the completion of the community’s parking garage. This interruption negatively impacted leasing as prospective residents perceived the building to still be under construction,” said Greg Longoria of FIDES. “We identified a lender that appreciated the asset’s core location and understood this was a temporary delay in the ultimate stabilization of the asset. We secured a loan that allowed for the refinancing of the construction loan, while providing the additional time frame necessary to complete the parking garage and implementation of the business plan.”