Classic Auction - Multifamily

$20.89 Million Non-Performing Loan | Special Servicer Sale

Indiana, PA

  • Asset Type
  • Note
  • Property Type
  • Multifamily
  • Loan Status
  • Non-Performing
  • Original Balance
  • $22,000,000
  • Unpaid Balance (UPB)
  • $20,899,253
  • UPB As Of Date
  • Sep 01, 2021
  • Origination Date
  • May 05, 2017
  • Maturity Date
  • May 11, 2027
  • Loan Rate
  • 4.650%
  • Land Area
  • NA
  • Number of Buildings
  • 11
  • Occupancy
  • 70.00%
  • Occupancy as of
  • Aug 31, 2021
  • Multifamily Type
  • Student Housing
  • Number of Units
  • 228 Units
  • Bed Count
  • 413

Secured by an 11 Property Portfolio

Offering Overview

CBRE’s National Loan Sale Advisors, in conjunction with RealINSIGHT Marketplace, is pleased to present the opportunity to purchase the $20.89MM UPB nonperforming loan (the “Loan”) secured by the UniSquare IUP Portfolio (the “Portfolio”). The Portfolio is comprised of 11 student housing properties located in Indiana, PA, all in close proximity to the Indiana University of Pennsylvania (“IUP”).  The collateral properties were built between 1970 - 2008 with 7 of the 11 buildings constructed after 2000.
Amenities include laundry facilities and a swimming pool that can be accessed by all tenants. The properties consist of approximately 411 beds with over 23,500 square feet of commercial space and are immediately adjacent to the IUP campus, making the portfolio one of the most convenient options for student living.    As of August 2021, 70% of the beds and 84% of the commercial space were leased.

IUP is located in the foothills of the Allegheny Mountains, just one hour east of Pittsburgh and is accredited by the Middle States Association Commission on Higher Education. It has received consecutive reaffirmations of accreditation since 1941. This fall, the University returned to full in-person, classroom learning. IUP has a total student population of 9,794 and is home to 140+ undergraduate programs of study, 56 master’s degree programs, and 14 doctoral programs.

The auction provides an investor with the opportunity to acquire a nonperforming loan secured by a well-maintained student housing portfolio with a significant retail component and tremendous upside through additional lease-up.  A Foreclosure Complaint was filed in December 2020, and the loan purchaser will have the ability to pursue lender’s rights.   

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Platform Fee

The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.