DALLAS (September 25, 2013) – Stephen Whitehead, SVP/Senior Director of NorthMarq’s Dallas regional office, arranged construction financing of $13.44 million for 213 West Elm, a 125,998 sq. ft., 194-unit student house facility located in Stillwater, Oklahoma near Oklahoma State University. This asset is a mid-rise product that is more urban than typical for the market. Financing was based on a 3-year term and a 30-year amortization schedule with one-year interest only. The loan was arranged for the borrower, Elsey Partners, LLC, by NorthMarq through its relationship with a regional bank. This was the second project the borrower has started in the market. The first (315 Hester St.) was delivered this year and was 100% preleased before it opened. There are other new purpose-built student housing in the market but it is much further from campus. The location of this project is truly “walkable” to campus and you have to pass right by Stillwater’s famous Eskimo Joe’s Bar and Grill.
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.
