NEW YORK–(COMMERCIAL THREAD) – StackSource, the online marketplace for commercial real estate loans (CRE), has reached its largest financing deal to date: a senior loan of $ 58,760,000 for a new off-campus student housing project in a great university in Texas. The deal brings StackSource’s all-time loan volume to over $ 450 million.
Project funding and planning for this project began before the pandemic; the sponsor raised $ 15 million in 2019. Amid market uncertainty in 2020, the deal was delayed for several months until confidence was restored in students’ ability to return to campuses . Today, the demand for student accommodation is such that some colleges are converting common areas into dormitories, increasing the number of students per room and even enticing students with perks such as ski passes or cash if l student abandons his offer to live on campus.
“CRE’s savvy investors knew that the student housing market would inevitably rebound, which became even more evident with the multi-family boom. Despite the students’ rush to get out of the house and return to the in-person learning, enrollment has remained mostly remote and business travel has been limited, ”said Beth Mercante, Senior Vice President – Business Development at StackSource. “StackSource’s online loan marketplace, combined with our in-house team of national capital advisers, has quickly been seen as the most efficient and effective way for borrowers to seek competitive loan quotes outside of the corporate world. local banks and partner lenders. ”
“Competitive interest rates and growing demand for student housing have created a huge market opportunity for us,” said StackSource Founder and CEO Tim Milazzo. “We were fortunate to have over 5 years in business with tons of product development and business success when the pandemic hit. We were ready to move quickly and grow nationally, which we did. To date, we have arranged 200 home loans in 33 states and are approaching $ 500 million in all-time loan volume. ”
This agreement follows several recent victories for the company. In the past 12 months, StackSource’s lending volume has exceeded $ 250 million and currently has more than double that amount in its pipeline. In July, StackSource named CRE industry veteran Richard Caldwell EVP – Head of Originations. In June, StackSource arranged funding for a $ 33 million land development program in Charlotte, Raleigh and Durham, North Carolina. In May, the company raised $ 2.6 million through equity crowdfunding.
StackSource, founded in New York, is a technology-based commercial real estate finance platform. The company connects investors who develop or acquire commercial properties with financing options such as banks, insurance companies and debt funds through a simple and transparent online process. StackSource takes the best of commercial mortgage brokerage and updates it for the 21st century. Learn more about StackSource.com.