Experienced sponsor acquiring a 216-unit (753 bed)student housing project in Oxford, MS (Ole Miss). Property will undergo targeted interior/exterior renovations and be marketed as for-sale condominiums, with a 12-24 month sellout timeframe. Low going in debt yield, secondary market, heavy renovation lift.

Red Fox provided 69% leverage, based on the ability to sell as condos or reposition as rental. Red Fox was able to provide acceptable leverage to the customer and provide a structure that allowed for renovation fundings and collateral releases as units are sold.

Primary source of repayment via sale of residential condominium units. Operation as student rental housing is the secondary source of repayment. Either exit strategy should be achievable in the face of a supply constrained market and continued projected increases in student enrollment at Ole Miss.