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.
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