Oak Brook-based Inland Mortgage Capital LLC said it closed on a $7.5 million non-recourse bridge loan for a 298-bed, townhouse-style, student housing property located in Bloomington, Indiana, approximately 3 miles southwest of the Indiana University campus.
The bridge loan will fund improvements to the property including exterior renovations as well as common-area and unit specific upgrades such as new countertops and upgraded flooring.
Joel M. Kaplan, senior vice president of Inland Commercial Mortgage Group LLC, an affiliate of Inland Mortgage Capital, sourced the transaction on behalf of the purchaser, including but not limited to Foresite Capital Partners LLC. Foresite Capital's affiliate, Foresite Realty, operates the student housing division, which currently manages and leases more than 4,000 beds nationwide. Donald Shapiro of Foresite Realty Capital said "the attractive purchase basis makes this property a strong value-add play for investment back at my alma mater."
Inland Mortgage Capital provides non-recourse commercial real estate bridge loans in the amounts of $3 to $12 million that are used for value-added commercial real estate projects across the nation.