TAMPA, FLORIDA (September 26, 2019) – Lee Weaver, senior vice president/managing director of 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.
“The property is of exceptional quality with an individual sense of house, all set in a desirable location,” said Weaver. “It’s easy to see this asset out-performing the market year after year.”