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Inland Mortgage Capital, LLC Closes $7.5 Million Bridge Loan for Student Housing Property
Sally BlakeInland Marketing & Communications, Inc.
Oak Brook, Ill. – Inland Mortgage Capital, LLC (“Inland Mortgage Capital”) announced 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 3.2 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”). 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 commented “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.
About Inland Mortgage Capital, LLC
Inland Mortgage Capital, LLC is an experienced private lender specializing in intermediate-term mortgages for value-added commercial real estate in need of bridge financing. We provide non-recourse loans targeted for projects with opportunistic characteristics. For more information, please visit www.inlandmtg.com.
About Inland Commercial Mortgage Group, LLC
Inland Commercial Mortgage Group, LLC originates long-term fixed and floating rate, non-recourse loans for income producing and owner-occupied commercial real estate. For more information, please visit www.inlandcmg.com.