NorthMarq Capital negotiates $46.28 million financing of class “A” student housing property in Tallahassee, Florida
Class "A" Student Housing
ATLANTA (September 11, 2015) – Woodlands on West Tennessee, a 291 class “A” student housing property located at 2195 W. Tennessee Street in Tallahassee, Florida received financing of $46.28 million. The transaction was structured with a 7-year term and 30-year amortization schedule. The property is a perfect example of the amenity driven trend that is driving the multifamily industry, especially student housing. Amenities include: huge resort pool; media/study rooms; hammock lounge; greenspace; sports facilities (volleyball and basketball); poolside gaming; a game day lounge; cyber café and a free weights and cardio gym. Located near the Florida State University, The Woodlands on West Tennessee is the newest student housing apartment community in Tallahassee. FSU is currently ranked #43 among top public universities and is a Top STEM University in Florida (ranked #1 in 4 of 8 areas for external funding of STEM disciplines). The university boasts a 93 percent retention rate and a 79 percent graduation rate—ranking it among the top 30 public universities in the country for both categories. Bruce Foster, managing director of NorthMarq Capital’s Atlanta office arranged financing for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. “Excellent service from Freddie Mac has created a strong relationship with this repeat borrower,” Foster noted.
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.