But Fannie and Freddie are cognizant of the fact that foreign investment is a fact of life in any kind of commercial real estate, and student housing is no exception. Fannie Mae wants to see at least one layer of US management that is involved with property. Following that, the agency examines track records. Freddie has similar requirements when it comes to foreign investment. "We like to see 10% liquidity in a US bank account as well," Carhart said, pointing out Freddie's requirements.

Having said that, however, both Carhart and Stepchuk said their respective agencies have general guidelines when it comes to issuing loans, though little, if anything, is carved in stone. For Freddie Mac, student housing affiliated with and/or serving larger universities is preferable and the agency is trying to dial back on financing new construction. Freddie Mac also likes to see solid student housing operators who know what they're doing. "Less than two years of operation, and we'll rachet back coverage to 75%," Carhart said.

Meanwhile, Fannie Mae likes that 75% loan-to-value and sponsors that have at least four years of student housing management experience. As such, if newcomers want to come into the field, "they may want to consider hiring experienced third-party managers," Stepchuk advised.

Even if someone doesn't have that experience, however, creative solutions can be found. Furthermore, both Stepchuk and Carhart caution that there is no such thing as blanket guidelines. "We look at each transaction, case by case," Stepchuk added.