Harrison Street/Campus Crest Merger
Approximate $2 billion mergers that needed to be completed in first quarter 2016
The transaction included 79 student housing properties
Primary assignment - Hart was assigned 30 CMBS and Freddie Mac loans to review and obtain consents to the merger – Approximate UPB $526 million.
Secondary Assignment – Expedite the property manager changes on the 30 CMBS and Freddie Mac loans prior to the Merger.
Initially reviewed 30 loans and recommended a number for defeasance.
Coordinated with Wells, Midland, LNR, Berkadia, GEMSA and various rating agencies on the merger consents and defeasance.
Coordinated with all of the above and CW and CIII on the property manager change.
Complex organizational charts including multiple new borrowers, guarantors, and foreign investors.
14 loans – obtained consents to the merger
11 loans - defeased – thanks to upsized banking facility
5 loans paid off
30 property manager change approvals obtained.
The merger closed March 2, 2016.