The firm sees the 1,300-unit property, known as Parker Towers, as an affordable option for renters seeking alternatives outside of Manhattan and in parts of Queens, such as Long Island City, where new construction and sky-high prices are rife.
Conduits lenders are often willing to make loans make loans that cover up 75 percent of the underwritten value of an apartment property.
Investors have historically demanded higher yields—and lower prices—for student housing properties compared to apartment properties overall.
