Lima, Ohio – Student Housing

The goal of the Borrower was to refinance their existing loan. The loan needed to close within 20 business days before the existing loan matured. The loan request was for $3,975,000 and Prescient Capital secured the loan with a first lien on the Borrower's interest in a 1 12-bed, student housing facility. In addition to the primary collateral, with a value of $5,300,000, to further secure the Prescient Capital loan, the Borrower signed a personal guarantee. The Borrower has owned the asset for six years and specializes in providing student housing communities in underserved areas. The facility is the only purpose-built student housing complex in the community with no foreseeable competition entering the market. The strategic goal of the Borrower is to: 1) use the proceeds from the Prescient Capital loan to refinance the existing bridge loan, and 2) secure a sale of the property within 12 months to repay the Prescient Capital loan.

$3,975,000

75%