Press Release: CMM Capital Markets arranges $21 million financing package for Greensboro, North Carolina student housing property
Greensboro, NC (March 14, 2017): CMM Capital Markets announced that it has arranged $21 million in financing for the acquisition of Sterling Cottages at West End, a 176-unit/600-bed, purpose built, LEED Gold Certified student housing complex.
CMM Capital Markets worked on behalf of a China-based Investment Management Company specializing in the student housing market. CMM Capital Markets was able to structure 10-year debt financing through a correspondent agency debt financing institution.
Sterling Cottages is located in Greensboro, North Carolina. It is within proximity of five colleges and universities including the University of North Carolina at Greensboro, the largest university within the prestigious Piedmont Triad.
The property was completed in 2011 and includes a resort style swimming pool, sun deck, fitness center, basketball and volleyball courts, BBQ area, coffee bar, study spaces and a state of the art computer center. Shuttle service to area schools is also available.
The debt finance team representing the client was led by the Domenic Provenzale, President, CMM Capital Markets and Stephen Fraum, Managing Director, CMM Capital Markets.
About CMM Capital Markets: CMM Capital Markets is a leading provider of commercial finance and capital market services for US and International clients. Together with our affiliates, CMM offers a fully integrated capital markets platform that includes advisory services, debt & equity financing, asset management and principal investments. For more information, please visit us at: www.cmmre.com
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