One on 4th
Crew / KHCA track. Circular close 27 Jul 2022 for $50.625 million. McQuade engagement letters.
- Asset
- ~198 units / 415 beds (PSA) or 475 beds (PMA) · student housing · One on 4th · 713 West 4th Avenue, Stillwater, OK 74074
- PSA
- 8 Apr 2022 · Stillwater Student Housing Owner LLC → Versity Invest · $51.5 million, or $52 million if 95% of beds pre-leased. Second amendment 23 May 2022 · $51.75 million at 92.5% · $1.375 million corrective-work credit
- Purchase
- 27 Jul 2022 · $50,625,000 (VIP Bonds circular). PSA $51.5–52 million / 23 May $51.75 million + $1.375 million credit.
- Senior mortgage
- $27,500,000 · 4.80% · 27 Jul 2022–5 Aug 2029 · interest-only through 5 Aug 2027. Circular does not name the lender.
- Master lease
- Recited in the PMA as effective 26 Jul 2022 · DST → One on 4th LeaseCo
- Property management
- Book and Ladder LLC · exclusive · 2.5% of Monthly Gross Revenues + quarterly incentive ($0.25 per dollar of NOI above budget). 1-year term, auto-renew. PMA §6.8 makes Versity Invest a third-party beneficiary. Tanya Muro signed for LeaseCo.
- Offering
- Form D 17 Aug 2022 · first sale yetToOccur · $30,922,808 · CIK 0001940354. Circular lists up to $32,153,561.
- Circular (30 Jun 2023)
- 20.2687% of beneficial interests remaining · occupancy ~99%. Sponsor disclosure.
- Selling group
- No commissioned sellers listed (
yetToOccur). Pull the subscription ticket if an interest was placed.
One of the four DSTs sitting under the KHCA unpaid bridge. Forum posts describe McQuade engagement letters as BD-funded; the letters themselves were not reviewed. Capital Square webinar target.
The PSA is dated 8 Apr 2022 (exhibit). Seller Stillwater Student Housing Owner LLC; buyer Versity Invest. 198 units / 415 beds at 713 W. 4th Street, Stillwater, OK. Purchase price $51,500,000, or $52,000,000 if 95% of beds are pre-leased. Second amendment 23 May 2022: $51,750,000 if 92.5% leased; $1,375,000 corrective-work credit at close.
The VIP Bonds circular says the trust acquired the property 27 Jul 2022 for $50,625,000. Senior loan $27,500,000 at 4.80%, 27 Jul 2022–5 Aug 2029, interest-only through 5 Aug 2027. The circular does not name that lender. Form D offering $30,922,808; circular offering up to $32,153,561.
The PMA is dated 26 Jul 2022 (exhibit). One on 4th LeaseCo is the Owner; Book & Ladder exclusive PM at 2.5% of Monthly Gross Revenues, plus a quarterly NOI incentive. One-year term, auto-renew. PMA §6.8 makes Versity Invest a third-party beneficiary. Tanya Muro signed for LeaseCo as manager of Versity Invest. The PMA recites a master lease the same day and ~198 units / 475 beds. The PSA said 415.
As of 30 Jun 2023 the circular says 20.2687% of interests remained and occupancy was about 99%. Sponsor disclosure. The revolving mezz is named Crayhill.
Form D filed 17 Aug 2022 (CIK 0001940354). First sale yetToOccur; no commissioned sellers listed. Pull the subscription ticket.