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NorthMarq Capital’s Phoenix office arranges $11 million bridge loan to convert building to student housing

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.

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.