PHOENIX (December 20, 2017) – Luke Donahue, senior vice president/senior director and Griffin Martin, vice president of NorthMarq Capital’s Phoenix regional office, arranged an $11 million loan to facilitate the refinance and conversion of GC Square Apartments, a 163-unit multifamily property into a student housing targeted property that will be the first off campus property to directly service the Grand Canyon University (GCU) student base. GCU is a rapidly growing Private Christian University in the West Phoenix/Maryvale, Arizona area.
The loan was funded mid renovation when the property was 100% vacant. The non-recourse interest only debt vehicle provides the flexibility needed to finalize renovations and the term to stabilize operations. The loan, which is serviced by NorthMarq, was arranged through a NorthMarq correspondent.