IRVINE, Calif. – June 13, 2022 – Berkadia announced today the financing secured for The Walk, a purpose-built student housing property located in Tuscaloosa, Alabama. Ed Kim and Jie Lee of Berkadia Irvine secured the permanent acquisition financing on behalf of the borrower, California-based Versity Invest, LLC. The deal closed on April 29.

The seven-year loan, with five-years interest-only, was financed at 60 percent loan-to-value. The rate was locked at application, amidst a volatile market, and closed at a fixed interest rate of 3.50 percent, when rates had widened by over 100 basis points.

“Versity Invest, LLC has a disciplined approach to student housing, focusing on core pedestrian properties that have demonstrated solid performance anchored by the stability of a Power 5 school,” said Lee. “The Walk is a prime example of this.”

Located at 899 12th St., The Walk features one-, two-, three-, four- and five-bedroom furnished floor plans. Community amenities include a swimming pool, a gated parking garage and outdoor courtyards. Residents are afforded convenient access to The University of Alabama, Bryant-Denny Stadium and the shops and restaurants near Paul W Bryant Drive and McFarland Boulevard.