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Old 09-28-2005, 11:02 AM
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Default Working with Student Housing Properties

Capturing the driven demographics introduced by Universities in their
communities, a number of private equity groups and several REIT's have now carved
out a specialty niche in the larger housing arena.

Our over-all impression is that a number of institutional investors and
lenders perceive this investment space as being relatively stable and
characterized by a lesser annual turn-over.

The corollary, however, is that it typically requires a greater management
intensity and may exhibit a lesser expectation of a property appreciation.

The Underwriting criteria on acquisitions are likely to be :

* The University complex is at a minimum of 10,000 persons.

* The student housing properties are at 100 to 500 units.

* On single assets, a value at a minimum of $7 million.

* On portfolios, a minimum of $25 million.

* Students are at a minimum of 50% of the tenants in the properties.

* Built 1980 or thereafter.

Correspondingly, the Underwriting criteria on a conventional lending are
something like the following

* A minimum of $3 million.

* Term at seven to 15 years.

* Amortization at 25 years.

* Loan-to-value at 75% to 80%.

* Debt coverage at 1.25x.

If you wish to discuss your project, please feel free to call Mr. Margolin
of Chilmark Associates Inc. at 203-353-0897:

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