Inland Mortgage Capital closed a $7,500,000 non-recourse bridge loan on a student housing property, located in Bloomington, IN. The 108 unit (298 bed) property is conveniently 4 miles southwest of the campus of Indiana University.
The townhouse-style property will be getting interior and exterior renovations including upgraded flooring, countertops, and lighting fixtures, as well as parking lot, fence, and reconstructed entry stairways. Inland arranged a future funding structure for the expected improvements within its loan allowing the Borrower to avoid paying interest on the future funding portion until the monies are disbursed. The Loan-To-Cost for this non-recourse loan was 73%.