Student Housing - Debt

NorthMarq Capital

NorthMarq secures $47,043,000 refinance of student housing property in Daytona Beach, Florida

TAMPA, FLORIDA (April 23, 2019) – Lee Weaver, senior vice president/managing director of NorthMarq’s Tampa-based regional office and Bill Hardman, vice president of NorthMarq’s Orlando office collaborated to arrange the $47,043,000 refinance of Eagle Landing Apartments, a 768-bed/288-unit student housing project located at 1479 Shady Place in Daytona Beach, Florida. The property benefits from its proximity to Embry-Riddle Aeronautical University, Daytona State College and Bethune Cookman University. The transaction was structured with a 10-year term with 4-years of interest-only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac. 

“The sponsor builds a superior product, and though situated in a smaller college market, Eagle Landing consistently outperforms similar properties at much larger universities,” said Weaver. 

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 $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.