University House

605 East 9th Street, New York, NY 10009

Property Overview

This investment is an origination of a $22 million first mortgage loan collateralized by University House, a six-story former school building that the borrower plans to renovate. University House is situated between Avenues B and C in the East Village section of the borough of Manhattan in New York City. University House was originally constructed in 1910. The proposed plan is to convert the school building shell into a state-of-the-art student housing facility that will contain a total of 95 units with 521 beds. The new dormitory will contain six-stories plus a mezzanine level with double, triple and quad room styles, along with common area amenities commensurate with dormitory life.

Investment at a Glance

  • Location: New York, NY
  • Property Type: Student Housing Facility
  • Acquisition Date: Mar 20, 2013
  • Purchase Price: $22,000,000
  • Total Loan Amount: $22,000,000
  • Initial Loan-to-Value: 31.9%
  • Loan Term: 12 Months
  • Loan Rate: 11%
  • Investment Type: First Mortgage
  • Square Footage: 117,275 SF
  • Number of Buildings: 1
  • Number of Units: 95

$22,000,000

Total Purchase Price

117,275

square feet

Total Rentable Area

Class A

Building Class