NorthMarq finalizes $26.075 million refinance of student housing property in Gainesville, Florida

JACKSONVILLE, FLORIDA – Lamar Sarra, senior vice president/managing director of NorthMarq’s Jacksonville office arranged the $26,075,000 refinance of College Park at Midtown. The 108-unit (300-bed) student housing property is located in Gainesville, Florida. The property serves the students of The University of Florida.   

“Our in-house Fannie Mae team was able to secure the financing by offering the most attractive terms,” said Sarra. “The property was completed in summer 2019 and was immediately fully leased.  It is ideally located, being within easy walking distance to the university campus and numerous retail and entertainment options in Midtown.” 

Financing Details:
- 10-year term (with 5-years of interest-only payments)
- 30-year amortization schedule
- NorthMarq arranged the permanent-fixed loan for the borrower through its in-house Fannie Mae team. 

Property Details: 
- Amenities include: Key fob entry to elevators, keyless entry to apartments, bed with built-in USB ports and adjustable storage, controlled access to buildings and elevators, barn-style doors in select apartments, plantation blinds, fully furnished apartments with private bedrooms and bathrooms, modern white cabinets with tile backsplash, chef-style kitchens with stainless steel appliances, brushed nickel ceiling fans/fixtures, laminate flooring, high speed internet/cable, in-unit washer/dryer, direct billing for water/electric and an exclusive covered parking garage.