MRC provided $48MM in lender financing collateralized by a 36%-complete, 885-bed student housing development in Merced, California
The property is located proximate to UC Merced, which is the newest addition the University of California system and is one of the fastest-growing public universities in the Unities States, with its enrollment more than quadrupling since its inception in 2005
Construction will be completed during the term of the loan, providing much-needed housing in a market with minimal existing supply and limited future supply due to a lack of utility infrastructure
The transaction presented MRC the opportunity to have a low fully-funded basis in a Class A student housing development proximate to a major, rapidly growing university with insufficient on-campus housing
