Core University Living REIT Completes Seed Portfolio Acquisition; $180.4M Loan

What Happened
Core University Living Real Estate Income Trust announced on July 22, 2026 that it completed the purchase of a four-property student housing "Seed Portfolio" for $303,500,000 (excluding closing costs). The portfolio consists of one property in Lexington, KY; one in Morgantown, WV; and two in Gainesville, FL, and was 99.4% pre-leased for the 2026–2027 academic year as of March 31, 2026. The Company funded the acquisition with the proceeds of a mortgage loan and the proceeds from the sale of the Company’s shares. Financial statements for the Seed Portfolio and unaudited pro forma consolidated financials were included in the Company’s Pre-Effective Amendment No. 1 to Form 10 filed July 15, 2026.

Key Details

• Purchase price: $303,500,000 for the four-property Seed Portfolio; 99.4% pre-leased as of 3/31/2026 (2026–2027 academic year).
• Loan: $180,400,400 principal mortgage loan arranged with JPMorgan Chase Bank, N.A. as administrative agent and lender.
• Interest: Term SOFR + 1.50% margin (or alternate base rate + 0.50%); alternate base rate defined (Prime, NY Fed rate +0.5%, or Term SOFR +1.0% with 1.0% floor).
• Rate protection and maturity: Core Morgantown LLC entered a cap capping the rate at 4.0%; loan matures July 22, 2029 with two one-year extension options (conditions include no default, DSCR test, first-extension LTV ≤ 60.0%, and 0.15% extension fee). Partial prepayments allowed (minimum $250,000).

Why It Matters
This filing shows the Company has established its initial portfolio of operating student housing assets and financing. The near-full pre-leasing (99.4%) suggests immediate rental revenue visibility for the 2026–2027 year. The $180.4M mortgage provides most of the acquisition financing but creates a material debt obligation with a 2029 maturity date and extension conditions investors should monitor. The interest cap on the Morgantown borrower reduces rate exposure for that asset. Investors should note the seller included a joint venture with an entity owned by several principals of the Company’s sponsor (disclosed in the filing).