NorthMarq Capital arranged $13.44 million mortgage for 213 West Elm in Stillwater, Oklahoma
213 W. Elm
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.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
