Fannie Mae Student Housing Loan
A Dedicated Student Housing Property may be located on university-owned land if the Key Principal has have a minimum of 5 years of Dedicated Student Housing experience, and operates at least one other Dedicated Student Housing Property located on college- or university-owned land.
Fannie Mae Dedicated Student Housing Properties (i.e., 80% or more units leased to undergraduate or graduate students) will require additional underwriting documentation.
In addition, a Dedicated Student Housing Property must:
5 to 30 years.
Up to 30 years.
Non-recourse execution is available, with standard carve-outs required for “bad acts” such as fraud and bankruptcy.
Replacement Reserve, and tax and insurance escrows are typically required.
Standard third-party reports, including Appraisal, Phase I Environmental Site Assessment, and a Property Condition Assessment are required.
Fixed and variable rate options are available.
30- to 180-day commitments. An early rate lock feature is available with prior approval from Fannie Mae, allowing the borrower to lock a rate after preliminary underwriting.
Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience.
Loans may be voluntarily prepaid upon payment of yield maintenance for fixed rate loans and graduated prepayment for variable rate loans.
Supplemental Loans are available.
Must not be located on university-owned land (except for a Dedicated Student Housing Property as provided below), nor offer food service.
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