Student Housing - Debt

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

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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.