NorthMarq Capital’s Phoenix office arranges $11 million bridge loan to convert building to student housing
PHOENIX – 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 is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
