103.04

Properties on College/University Land

Requirements

You must ensure that a Dedicated Student Housing PropertyDedicated Student Housing PropertyMultifamily rental Property in which 80% or more of the units are leased to undergraduate or graduate students. located on college/university land meets the following:

  • the BorrowerBorrowerPerson who is the obligor per the Note. has control over all economic decisions affecting the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). (such as financing, leasing, and management);
  • the Key PrincipalKey PrincipalPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty.
    • has at least 5 years of operating experience with Dedicated Student HousingDedicated Student HousingMultifamily rental Property in which 80% or more of the units are leased to undergraduate or graduate students. , and
    • operates at least 1 other Dedicated Student Housing PropertyDedicated Student Housing PropertyMultifamily rental Property in which 80% or more of the units are leased to undergraduate or graduate students. located on college/university land; and
  • any Ground LeaseGround LeaseContract for the rental of land, usually on a long term basis. complies with Part II, Chapter 1: Attributes and Characteristics, Section 104: Ground Leased Properties.