The Commercial Observer is reporting that Bethpage Federal Credit Union (Bethpage, NY) provided a $27.5 million loan to Columbia, Md.-based Star Global Ventures to refinance student housing property at the University of Maryland.
The 10-year, non-recourse debt pays interest at a fixed rate of 4.5 percent, according to sources. The loan-to-value ratio was 60 percent — established over a 1.25x debt service coverage ratio — indicating that the asset’s value is approximately $49 million.
This commercial real estate loan should cause policymakers to rethink the tax exemption of large credit unions.
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