$63.5MM • Tallahassee, fl
Transaction Highlights
- Total financing of $63.5MM
- PACE Loan $15.5MM
- Construction Loan $48MM
- PACE LTV: 14.4%
- CLTV: 58.8%
- 30 Year Term on PACE
- Capitalized Interest Period of 18 Months
LOAN
$63.5MM
LOCATION:
FL
type:
New Construction
Building:
Student Housing
TERM:
30 Year on PACE
Status:
Closed
Project Description
$63.5 Million Student Housing Development in Florida
First of its kind finance combination of C-PACE and traditional construction mortgage kick-starts 153-unit mix-use project next to Florida State University, Tallahassee
Closing of an innovative $63.5 million loan combination package that will be utilized for the construction of a 153-unit student housing & retail project along with an adjacent 308-stall parking garage in Tallahassee, just blocks from Florida State University. Bayview originated the loans via one of its long-standing mortgage brokerage relationships and funded the entire debt stack through its wholly owned subsidiaries Bayview PACE and Oceanview Life and Annuity Co. (“Oceanview”).
- Bayview PACE provided $15.5 million in Commercial Property-Assessed Clean Energy (C-PACE) funding.
- Oceanview Life and Annuity Co., provided $48 million of construction financing.
Both affiliates of Bayview Asset Management.
