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