Diamond Green

300 Bed Student Housing
Philadelphia, PA

$22.5MM Senior Financing

Challenge
This 300 bed student housing development serving Temple University had maturing construction debt, but due to the initial delivery and property C of O being achieved immediately prior to the student leasing season, the building had not reached stabilization on its original schedule.

Solution
Washington Square structured a loan that included an earn-out for the achievement of certain occupancy/DSCR milestones, with a 5% rate and full proceeds.