Knighthead Funding has originated a $39.75 million first mortgage loan to refinance Stadium Crossing, a 226-unit, 734-bed student housing community located at 298 East Varsity Lane in Bloomington, Indiana, directly across from Indiana University Memorial Stadium.
The borrower, Varsity Properties, has owned and operated the property for many years and sought to refinance the existing loan while maintaining flexibility for the asset’s future plans. The new financing allows Varsity Properties to continue capitalizing on the property’s strong fundamentals while providing optionality for future improvements or strategic initiatives.
“We are pleased to have closed this financing for Varsity Properties and to support their continued ownership of such a well-performing asset,” said Peter Illuzzi, Knighthead Funding. “Stadium Crossing’s exceptional location, strong occupancy history, and consistent cash flow made this a very attractive opportunity. We look forward to seeing the borrower continue to benefit from the flexibility this financing provides as they evaluate future plans for the property.”
