NEWS HEADLINES Freddie
Mac Unveils Student Housing MortgageBy Jerry Ascierto
Freddie Mac rolled out a mortgage product designed specifically for student housing
last week. Freddie's student housing mortgage targets the acquisition or
refinancing of purpose-built student properties or multifamily properties that
are more than half occupied by students. The product offers up to 80 percent
loan-to-value financing, and five-, seven-, or 10-year terms with 30-year amortization
and the potential for full or partial interest-only. The debt-service coverage
ratio minimum is 1.25x. The loan range is $5 million to $50 million. Eligible
properties must be within two miles or less (or on a public transportation route)
of a college or university with at least 8,000 students, though Freddie Mac will
consider properties located close to multiple schools that have a combined total
of at least 8,000 students. For more information, visit
www.freddiemac.com/multifamily/studenthousing.html.
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