New $15.85 Million Loan for Student Housing Complex Near Purdue University
We are pleased to announce the recent closing of a $15.85 million first mortgage loan for a 167-unit, 298-bed student housing complex in West Lafayette, Indiana. Located at 1304 Palmer Drive in West Lafayette, Indiana, The Fairway is currently 97 percent occupied.
Sitting on 8.82 acres, the student housing complex consists of 12, three-story buildings and one clubhouse. Construction originally began in 1983 with the development of nine buildings totaling 108 units and 180 beds. In 2007, a full-scale renovation was performed to add three new buildings with 59 units and 118 beds.
Amenities include an outdoor swimming pool, dog park, fitness center, tanning room, balconies, and a clubhouse containing a leasing office and community recreational room. The Fairway also provides 291 parking spaces for residents and features a designated bus stop for the University-provided shuttle.
The Fairway is conveniently located two miles north of Purdue University’s main campus. As of 2018, this campus had approximately 43,400 students enrolled, the highest in its history. Bordering The Fairway is a Purdue-owned golf course and additional residential housing, both single-family homes, and dense student housing.
We are thrilled for the opportunity to help further shape the student housing market in West Lafayette, Indiana. Need financing for your student housing deal? Contact us at 1-844-UCFunds (823-8637).