NorthMarq secures $22,093,000 refinance of a Class A student housing property in Auburn, Alabama

Avenue Auburn

Debt & Equity

Multi-Tenant

TAMPA, FLORIDA (September 26, 2019) – NorthMarq’s Tampa-based regional office arranged the $22,093,000 refinance of Avenue Auburn, a 329-bed purpose-built student housing project located just blocks from Auburn University and downtown Auburn, Alabama.

This new development consists of 22 individual cottages and 21 manor houses, all with a much larger floor plan than most student housing in the area. The units have 9-foot ceilings, hardwood-like floors with a chef's kitchen complete with stainless appliances, large cabinets and granite counter tops. Every bedroom has its own bathroom and walk-in closet. Private front porches and balconies make this community the place that students want to live. Property amenities include 24/7 access to a resort style pool and a private fitness center.

The transaction was structured with a 10-year term with 2-years of interest-only with a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac.

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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.