Former NFL Star Develops Housing for Students and Locals in Arkansas

Multifamily Wire

Multifamily Facts

Shiloh Apartments, Fayetteville, AR

Lender: M&T Realty Capital Corporation
Borrower: Shiloh Apartments, a Limited Partnership
Loan Amount: $8,800,000
Purpose: Refinance
Type of loan: Non-Dedicated Student
LTV: 69%
DSCR: 1.32x actual
Loan Term: 20 years
Amortization: 20 years (fully amortizing transaction)

Former NFL player Jim Lindsey's firm, Lindsey Management Co., Inc., is the largest multifamily property management firm in Arkansas. Lindsey is a native of Arkansas and a graduate of the University of Arkansas in Fayetteville, where Shiloh Apartments, one of the properties managed by Lindsey Management, is located. Shiloh Apartments is a 240-unit property built in 2002, and located two miles from the University of Arkansas' main campus. Though it is not dedicated student housing, about 60% of its tenants are students.

"This is the kind of deal our Delegated Underwriting and Servicing (DUS®) Lender network was built for," said Hilary Provinse, Senior Vice President for Multifamily Customer Engagement at Fannie Mae. "It's a smaller loan, for a conventional property in a secondary market, and the borrower is a long-term holder with whom we have a strong track record. We love this kind of business, and so do our Lenders."

"We have done several deals very similar to this with M&T Realty Capital and Fannie Mae," said Scott Rogerson, CFO at Lindsey Management Co., Inc. "They really understand the owner's approach to the business, and the team there has a deep understanding of the markets where the properties are located."

Shiloh Apartment's amenities include full-size appliances including a washer and dryer in each unit, well-designed closets and storage areas, and custom wood cabinetry. Community amenities include a clubhouse, fitness center, swimming pool, and sundeck area. The property is located near a major highway and on one of the University's main bus lines.