CATEGORIES  |  Debt  |  Equity  |  Financial Advisory  |  Investments  |  Multifamily  |  Student Housing

FIDES Capital Partners, LLC (“FIDES”) announces that it has arranged a $12,500,000 preferred equity investment to acquire a Class A 417-bed purpose-built student housing asset at the University of Western Washington in Bellingham, WA. “This was great real estate.  100% pre-leased for the upcoming academic year, within 2 blocks of the campus, great views of the water, a shortage of developable land, and virtually zero competition.  A lot of investors had never heard of Western Washington, but all those factors created a great opportunity.” said Greg Longoria, Principal.  “What made the deal difficult was the structure.  Our client was buying it within a Delaware Statutory Trust, and because of the first mortgage lender we needed it structured as preferred equity. The preferred would also be paid-off within six months, so there was a lot of market pushback.  In the end we found just the right institutional investor and we’re already talking about future deals.”