Structured a ground lease and appointed a developer for a 11.5-acre, 517,000-square-foot, 424-unit, purpose-built student housing complex located near the Virginia Tech campus.
Challenges
Client was working quickly to coincide the closing with obtaining final permit and approvals from the local municipality. The incumbent leasehold developer was required to ground lease the property subject to in-place approved plans and specs. The mechanics and leasehold nature of the project added complexity to the capitalization of the development.
