NewStar Financial Closes $17,125,000 Loan on The Registry at WKU, Bowling Green, Kentucky
BlueStone Real Estate Capital advises The Registry at Western Kentucky, LLC
Boston, MA February 4, 2008 NewStar Financial, Inc. (NASDAQ:NEWS), a Boston-based specialty finance company, announces it has provided $17,125,000 in non-recourse, first mortgage loan financing on The Registry at WKU, a 558 bed/145 unit Student Housing Complex in Bowling Green, KY. The Borrower is The Registry at Western Kentucky, LLC.The Sponsors will use the NewStar loan to refinance the construction loan and cover carrying costs to stabilization. BlueStone Real Estate Capital of Philadelphia acted as the exclusive financial advisor to the borrower. The owners have recently engaged Asset Campus Housing to manage the property. "This project offers students the opportunity to live in virtually new, state-of-the-art accommodations that are located across the street from campus", says Julie Bonin, Senior Vice President of Student Housing.Since the property is still in the lease-up phase, BlueStone sought a lender that would feel comfortable with this risk. Tim Bradley said, "In these turbulent times we knew NewStar could deliver. They were able to understand the asset class and then provide our client with a loan that would accommodate future leasing to stabilization." The loan facility was structured with a 2-year loan term and three one-year extension options. NewStar provided flexible prepayment options to allow the borrower to refinance the property upon stabilization. NewStar's deal team for the transaction included Tristan Pierce, Carolyn Pianin, Adam Sureau, Don Davis and Erica Salkow. BlueStone's team was led by Tim Bradley.About NewStar Financial, Inc.:
NewStar Financial (NASDAQ:NEWS) is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle markets. The Company specializes in providing senior secured debt financing for the acquisition or recapitalization of mid-sized companies and commercial real estate. NewStar originates loans directly through a team of experienced, senior bankers organized around key industry and market segments. The Company targets 'hold' positions of up to $20 million and selectively underwrites or arranges larger transactions for syndication to other lenders. NewStar is headquartered in Boston MA and has regional offices in Darien CT, Chicago IL, San Francisco CA, San Diego CA, and Charleston SC. For more detailed transaction and contact information, please
visit our website at www.newstarfin.com
Anne G. Bork
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