College Suites at Campbell Lane – Bowling Green, KY

March 2, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $20,000,000 for the refinance of College Suites at Campbell Lane. The loan is for a ten year term with interest only payments for the term of the loan. The 5.97% fixed rate loan is based on a 74% loan-to-value with debt service coverage of 1.52. Replacement Reserves are capped at two years’ worth. The Borrower owns multifamily properties in Kentucky, Ohio, South Carolina and Tennessee and has placed several other loans with Union Capital.

College Suites at Campbell Lane is a newly constructed Class A student property with 756 bedrooms in 216 units. It is located in Bowling Green, KY approximately 3.5 miles from the Western Kentucky University campus. The off-campus student housing market has over 95% occupancy, and College Suites enjoys 97.75% occupancy. All leases are for 12 months and are guaranteed by the parents of each resident. All bedrooms are furnished and lockable, and each has a private bath. There are washer/dryers in every unit. Other amenities at the property include a clubhouse and office, an exercise facility, computer rooms, a game room with pool tables and large screen TVs attached to gaming consoles, a stadium style movie theater, swimming pool with sundeck and spa, a lighted basketball court, and a sand volleyball court. Open on-site parking is available for 945 cars yielding a ratio of 1.24 spaces per bedroom, and there is gated access to the community. The property runs a shuttle service to the college campus.