Student housing sponsor accused of ‘Ponzi-like’ scheme
The US$36m SkyLoft Austin loan - securitised in the UBSCM 2019-C16 CMBS - is over 30 days delinquent in payment, as of the August 2021 remittance period. The loan is sponsored by Patrick Nelson, who is reportedly being sued by dozens of minority investors involved in the acquisition of the property.
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