Berkadia Secures Financing for Student Housing Property in Oklahoma
IRVINE, Calif. – August 15, 2022 – Berkadia announced today the financing secured for One on 4th, a student housing property located in Stillwater, Oklahoma. Jie Lee and Ed Kim of Berkadia Irvine mortgage banking secured the $27.5 million in permanent acquisition financing on behalf of the borrower, California-based Versity Invest, LLC. The deal closed on July 27.
The seven-year loan, with five years interest-only, was financed at 55 percent loan-to-value with a fixed interest rate of 4.80 percent.
Located at 713 W 4th Avenue, One on 4th features one-, two-, and four-bedroom floor plans with in-unit washers and dryers, dishwashers, and hardwood floors. Community amenities include a swimming pool, a fitness center, a lounge, and a clubhouse. Residents are afforded convenient access to Oklahoma State University, Boone Pickens Stadium and the shops and restaurants near West 6th Avenue and South Main Street.