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.   
 

Tags: Appartments