TAMPA (January 11, 2018) – Lee Weaver, senior vice president/senior director of NorthMarq Capital’s Tampa regional office, arranged $6,304,000 permanent fixed-financing of a 120-bed student housing property located in Hamden, Connecticut. The property is conveniently located near multiple campuses and offers affordable accommodation for students. This transaction was structured with a ten year loan-term on a 30 year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac.
“The subject is the only purpose built student project in the market. Other lenders shied away from a downward trend in enrollment,” noted Weaver. “Freddie understood the mitigants and closed with rates and terms other lenders could not match.”