Merced Station
Merced, CA

Investment Type: Lender Financing / Construction Completion
Property Description: Student Housing / Retail
Loan Amount: $48MM

  • Madison provided $48MM in lender financing collateralized by a 36%-complete, 885-bed student housing development in Merced, California
  • The property is located proximate to UC Merced, which is the newest addition the University of California system and is one of the fastest-growing public universities in the United States, with its enrollment more than quadrupling since its inception in 2005
  • Construction will be completed during the term of the loan, providing much-needed housing in a market with minimal existing supply and limited future supply due to a lack of utility infrastructure
  • The transaction presented Madison the opportunity to have a low fully-funded basis in a Class A student housing development proximate to a major, rapidly growing university with insufficient on-campus housing
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