TAMPA – Lee Weaver, senior vice president/senior director and Bill Hardman, vice president of NorthMarq Capital’s Florida-based offices recently earned an Innovator Award from Student Housing Business Magazine in the category of Most Creative Financing for their work on the NorthView Student Housing on the University of Central Florida campus.
The Innovator Awards, the student housing industry’s only awards program, recognize excellence in on- and off-campus student housing. More than 900 leading industry professionals attended the sixth annual InterFace Student Housing Conference gala award ceremony where the Innovator Awards were presented.
The seven-story, 340,271-sq.-ft. property, located in Oviedo, Fla., contains 600 beds within 180 units and 782 total parking spaces (696 in a controlled access garage). Financing for the $58 million transaction is based on a 15-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through a tax exempt private placement bond structure.
The development also includes 40,000 sq.ft. of faith based commercial space. Half of the space will be occupied by the Hillel Foundation for Jewish Campus Life and the other half by the Newman Catholic Student Center. Both organizations are the largest of their kind in the county and will serve the nearly 6,000 Jewish students and 13,000 Catholic students that make the UCF campus one of the largest Jewish and Catholic student bodies in the country.
“Student centers are key components of the organizations providing dedicated space for students to gather, socialize and study with like-minded Jewish and Catholic students,” said Weaver.
Other unique aspects of the property include:
- The donation of the site for the improvements by a Florida philanthropist, as well as the transfer of the fee simple title of the land through a charitable gift.
- The property benefits from a 60-year ground lease, after which the improvements will revert to the UCF Foundation and Hillel Foundation for Jewish Campus Life.
- Bifurcated ownership structure.
- Real estate tax exemption due to non-profit ownership.
- The property is managed by the experienced UCF Housing System and is incorporated into their inventory.
With so many factors to take into consideration, finding the proper lending source “required a remarkable amount of time and resources,” said Weaver who gave credit to the efforts put forth by his counterpart, Bill Hardman. “Many traditional lending sources simply weren’t able to accommodate the complexities of the deal.”
Common amenities include: two courtyards for social events and gatherings; secure parking; high-speed video game room; 24-hour fitness center; resort style pool with water volleyball; lap swimming area and Swedish sauna; sky deck with tiki-hut; outdoor sand volleyball; life-sized chess board; computer lab; café; convenience store; high-speed wireless internet through-out the building; community centers and a Cabana room.
Unit amenities include: fully furnished apartments with custom furniture; hardwood-style flooring in living areas and carpeted bedrooms; nine foot ceilings in living areas; beautifully decorated rooms with a 60’ flat screen TV; full sized kitchen with granite countertops; side-by-side refrigerator; customized beds with drawers and shelving; individual walk-in closets; bathrooms with granite countertops and walk-in showers; unit keycard entry and extended cable.